Kolkata : UltraTech Cement is likely to get support from Committee of Creditors (CoC) of Binani Cement in the ongoing fight for control after the Birla company issued comfort letter worth Rs 7,266 crore to Binani group for a 98.43 per cent stake.
UltraTech had said that Binani Industries (BIL) – the promoter firm of BCL – had approached it for arranging funds to pay off the lenders.
“As a creditor, we support the UltraTech offer as it offers a better deal for us,” an official from a lead creditor said. This is despite the CoC’s approval of the Dalmia Bharat’s bid. “Since, the Insolvency and Bankruptcy Code proceedings initiated about 7-8 months back on Binani, a moratorium on interest had been imposed. The UltraTech offer allows the loan to a regular one and there will be no haircut even in the interest loss in the interim period,” the official said.
Resolution plan submitted to NCLT: Dalmia
New Delhi: Dalmia Bharat Group on Tuesday said its Rs 6,350-crore bid for the debt-ridden Binani Cement (BCL) has been submitted by the resolution professional (RP) before the National Company Law Tribunal (NCLT) for approval. Besides, the group has also submitted a performance bank guarantee (PBG) of 10 per cent of upfront payment of its offer to the financial creditors of BCL, Dalmia Bharat said in an update filed to the exchanges.
Rajputana Properties Pvt Ltd (RPPL), a part of Damlia Bharat group, has made a Rs 6,350-crore bid along with 20 per cent equity in BCL.
In its filing today, Dalmia Bharat said a letter of intent was issued to RPPL by the RP of BCL and the same has been accepted by RPPL and delivered to the RP.
