more-inArcelorMittal will have to increase its bid from ₹30,500 crore to match Numetal’s bid of ₹37,000 crore for bankrupt Essar Steel, besides paying ₹7,000 crore dues on account of Uttam Galva and KSS Petron by Tuesday. The company’s resolution plan for Essar Steel included ₹30,500 crore upfront cash for the lenders and another ₹8,000 crore of working capital for Essar Steel, which had dues of over ₹49,000 crore with bankers. Mittal will have to pay the existing dues and match Numetal’s revised offer to buy Essar Steel. I am happy that the defaulting promoters are out and bankers are getting their money not only for Essar Steel, but also for Uttam Galva and KSS Petron,” investment advisor S.P. Paras Bothra, president - Equities at Aashika Stock Broking, said chances of Numetal winning the Essar Steel bid appeared high given that ArcelorMittal would have to comply with other obligations of the court order, making it incrementally difficult for the L.N.

Source: The Hindu September 07, 2018 16:41 UTC