Mumbai : The committee of creditors (CoC) for Binani Cement on Monday voted in favour of accepting UltraTech Cement’s Rs 7,950 crore bid, according to sources.
Since UltraTech is taking care of all the legitimate claims of all the stakeholders, its proposal received 100 per cent consent, the sources who attended the meeting said. As the next step, the CoC will submit its plan to the resolution professional and in turn, the offer will be submitted to the NCLT.
UltraTech’s bid is nearly Rs 1,000 crore higher than the amount offered by Rajputana Properties, the other bidder being considered by creditors. Rajputana Properties is a wholly-owned subsidiary of the Dalmia Bharat Group.
Financial creditors led by Edelweiss Asset Reconstruction Company voted to accept UltraTech Cement’s offer as the highest bid received under the insolvency and bankruptcy process initiated against Binani Cement. The bid exceeded lenders’ expectation of recovery.
