Mumbai : In a move to beat a rival consortium backed by Bain Capital, Kumar Mangalam Birla-owned UltraTech Cement has increased its bid for Binani Cement in an email to the resolution professional overseeing the company’s bankruptcy proceedings.
The company has raised its offer from Rs 6,200 crore to about Rs 6,600 crore, according to the company’s CFO Atul Daga said. UltraTech is competing with the consortium led by Dalmia Bharat, which has been chosen as the highest bidder. Dalmia Bharat had put in a bid of about Rs 6,350 crore. The consortium’s proposal included offering about a 20 per cent stake in Binani Cement to its lenders. Dalmia Bharat made a joint offer with India Resurgence Fund, which is backed by Bain Capital Credit and local conglomerate Piramal Enterprises.
UltraTech’s earlier offer would rise to about Rs 7,200 crore once working capital is included, Daga said. The company had moved the NCLT Kolkata seeking a more transparent way to evaluate bids.
