Comments
JSW Steel has placed bid for ₹13,000 crore to acquire the stressed asset of Bhushan Power and Steel for which the bidding closed on Thursday.
The Resolution Professional was supposed to announce the winning bid at 4 p.m., but preferred to hold it back.
Tata Steel is the only other contender to acquire the company.
Mahender Khandelwal is the resolution professional for Bhushan Power and head of restructuring services at audit and advisory firm BDO.
According to banking sources, Tata Steel has placed bid for ₹11,500 crore.
Interestingly, Anil Agarwal-promoted Vedanta Resources which conducted due-diligence did not submit a binding bid, sources said.
The resolution professional has arrived at liquidation value of ₹9,000 crore and share value of ₹24,000 crore for the unlisted company.
The financial placed by the two companies JSW Steel and Tata Steel will be taken up with SBI Caps the advisor for the Resolution Professional before being submitted to the lead creditor Punjab National Bank, said sources.
The bids will be finally examined and approved by the committee of creditors, including SBI and 11 other banks, sources said.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.