The Binani Committee of Creditors (CoC) is likely to meet on May 9 and discuss the revised bid of Ultra Tech Cement valued at around Rs 7900 crore for the debt-laden Binani CementNSE 0.00 %. “The CoC is meeting on...
Binani Cement creditors laud NCLT order allowing fresh UltraTech bid
The operational creditors (OCs) of debt-ridden Binani CementNSE 0.00 % today lauded the NCLT order which directed the lenders to consider the revised bid of UltraTech CementNSE -0.02 % and reiterated its demand for...
NCLT Kolkata bench orders Binani lenders to consider UltraTech plan
The Kolkata bench of the National Company Law Tribunal on Wednesday ordered the resolution professional of Binani Cement to accept the revised offer of Rs 79.60 billion from UltraTech Cement and place it before lenders...
Mapping insolvency: UltraTech open to raising Binani Cement offer
UltraTech Cement has indicated it would increase its offer yet again for acquiring bankrupt Binani Cement if the Dalmia Bharat-led consortium matched its last offer. UltraTech Cement recently upped its offer to Rs 79.6...
Stuck to norms while denying UltraTech bid: Binani Cement lenders
Lenders of Binani Cement Ltd on Tuesday told the Kolkata bench of the National Company Law Tribunal (NCLT) that they declined to consider the revised bid of Ultratech Cement Ltd because they were of the view that the...
UltraTech sweetens Binani bid, raises offer to Rs 7,990 crore
UltraTechNSE 0.03 % Cement, which lost out to a Dalmia BharatNSE 0.83 % led consortium in bidding for Binani CementNSE 0.00 %, has made yet another improved offer that’s worth Rs 7,990 crore, up Rs 700 crore from the...
Binani lenders decide to back UltraTech if it gets SC go-ahead
UltraTech’s chances of winning the battle for bankrupt Binani CementNSE 0.00 % strengthened as lenders backed the Aditya Birla Group company’s bid, although the banks have left the matter to be decided by the...
Binani lenders want Supreme Court stamp for UltraTech deal
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...
UltraTech Cement gets a second chance to takeover Binani Cement
On account of an order from the Kolkata bench of NCLT, extending the timeline to consider an out-of-court settlement, the Aditya Birla Group controlled UltraTech Cement has got its second chance to take control and...
Insolvency: Binani lenders refuse to consider UltraTech-backed proposal
Citing the Kolkata bench of NCLT’s observations on March 27 as a suggestion and not an order of the Tribunal, the Committee of Creditors (CoC) of Binani Cement, which is facing bankruptcy proceedings, has decided not to...
CCI approves UltraTech’s acquisition of Binani Cement for Rs 72.66 bn
The Competition Commission has cleared UltraTech Cement’s bid to acquire Binani Cement, pursuant to the insolvency proceedings. UltraTech Cement last week said it will buy loan defaulter Binani Cement’s...
Dalmia Bharat, UltraTech remain keen in Binani despite ‘fraud’
The takeover war for Binani CementBSE 0.06 % between Dalmia Bharat group and UltraTechBSE -0.51 % declines to ease as both the bidders remain unperturbed despite the revelation of alleged fraud on the stressed asset...