Money & Banking

IFCI gets ₹492 cr for Binani Cement resolution under IBC

PTI New Delhi | Updated on November 26, 2018

Infrastructure term lender IFCI Monday said it has received ₹492 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, pursuant to the said resolution,” IFCI said in a regulatory filing.

On November 14, Aditya Birla Group firm UltraTech Cement won bid to acquire debt-ridden Binani Cement after the National Company Law Appellate Tribunal (NCLAT) approved its revised ₹ 7,950.34 crore bid over an offer by rival Dalmia Bharat Group.

In approving UltraTech’s resolution plan for Binani, which was auctioned to recover unpaid bank dues, NCLAT may have set a precedence as it favoured a proposal that not just paid the financial lenders but also operational creditors.

Shares of IFCI settled at ₹13.71 per scrip, up 0.81 per cent, on the BSE.

Published on November 26, 2018

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