After being outbid by Dalmia Bharat, UltraTech revised its offer for Binani Cement, topping its competitor’s bid by over Rs1,000 crore, and moved the NCLT. Photo: ReutersKolkata: The lenders of Binani Cement Ltd may not be meeting on Thursday at St. Regis Hotel in Mumbai to consider UltraTech Cement Ltd’s revised bid. After being outbid by Dalmia Bharat, UltraTech revised its offer for Binani Cement, topping its competitor’s bid by over Rs1,000 crore, and moved the NCLT. It wanted the lenders to consider its revised bid even after they had filed Dalmia Bharat’s bid as the chosen resolution plan. Dalmia Bharat has since moved the Supreme Court challenging the NCLT’s verdict allowing the lenders to consider UltraTech’s revised offer.

Source: Mint May 09, 2018 18:22 UTC