Lenders to Binani CementBSE 0.06 % have asked its promoter company Binani IndustriesBSE 4.96 % to get the Supreme Court’s stamp of approval for its out-of-court deal with UltraTechBSE 1.43 % Cement, banking sources close to the development told ET on Wednesday.
In the meeting that had taken place on the suggestion of the NCLT, Kolkata, for lenders to “explore the possibility of an out-of-court settlement”, bankers also decided that they will be asking UltraTech to pay a deposit of Rs 750 crore as a proof of its commitment toward the deal. They would also seek a bank guarantee for the amount that remains after deducting the deposit from Rs 7,266 crore, which UltraTech has offered to buy out the Binani Industries stake in the debt-laden Binani Cement.
“We have asked Binani Industries to go to the appropriate authority for the stamp of approval for the settlement,” banking sources said. “We have also asked Ultra-Tech to furnish a deposit of Rs 750 crore and give a bank guarantee for the amount that remains,” the source added.
UltraTech has already got a letter of comfort from HDFC Bank for its payment to Binani. The deal, which involves UltraTech paying Rs 7,266 crore to the promoter company in return for its 98.4% stake in Binani Cement, has hurt Dalmia Bharat’s prospects of being awarded the stressed asset.
