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Ultratech raises offer for Binani to Rs 7,990 crore

UltraTech Cement, which lost out to a Dalmia Bharat led consortium in bidding for Binani Cement, has made yet another improved offer that’s worth Rs 7,990 crore, up Rs 700 crore from the last one, said two senior officials who did not want to be named. With this, the difference between the offer by Dalmia group and UltraTech has widened to Rs 1,290 crore.The company made the offer to the resolution professional on Saturday evening, said the persons cited above. UltraTech contended it will cover the interest lenders had to forgo from the day Binani Cement was admitted to bankruptcy court, they said. “It’s a very attractive offer. But the biggest block is that the UltraTech offer is made after bidding was closed,” said a bank official, seeking anonymity. UltraTech declined to comment. Dalmia Bharat could not be reached for comment on Sunday.

Source :- ET Realty