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IFCI on Monday said it has received ₹491.84 crore towards security receipts under the IBC resolution plan for Binani Cement. On account of resolution of Binani Cement through NCLT, IFCI, which is holding 42,16,850 security receipts of the face value of ₹1,000 each, has received ₹491.84 crore, net of TDS of ₹30.55 crore, IFCI said in a notice to the exchanges. UltraTech Cement had won a bid to acquire debt-ridden Binani Cement after the National Company Law Appellate Tribunal approved its revised offer of ₹7,950.34 crore over an offer by rival Dalmia Bharat Group. Shares of IFCI closed flat at ₹13.65 against the previous day’s close of ₹13.60 on the NSE.
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