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Aditya Birla group firm UltraTech Cement bid cleared, set to bag Binani Cement, Dalmia Bharat gets snubbed
Thu, Nov 15, 2018
UltraTech is set to bag Binani Cement, with the National Company Law Appellate Tribunal (NCLAT) on Wednesday approving the revised bid of Aditya Birla group firm UltraTech Cement while rejecting the earlier preferred offer of Dalmia Bharat group as discriminatory.
UltraTech to acquire Century Textiles' cement business; all details
Mon, May 21, 2018
In June last year, UltraTech Cement completed the Rs 16,189 crore acquisition of Jaiprakash Associates' six integrated cement plants and five grinding units, having a capacity of 21.2 million tonnes.
Binani Cement sale: UltraTech back in the race after hiccup
Thu, May 03, 2018
UltraTech’s revised bid needs to be submitted within three days to the resolution professional for consideration of the Committee of Creditors (CoC) and the whole process, which might involve getting fresh bid from Dalmia, has to be completed by June 24, about two months extension from the statutory 270-days deadline for insolvency resolution.
Binani Cement sale: UltraTech offer splits creditors; resentment rises over Dalmia Bharat bid
Tue, Apr 17, 2018
The company had earlier emerged as the second highest bidder for the Braj Binani group’s cement asset. With the new offer now coming in from UltraTech, there is growing resentment at the Dalmia Bharat’s bid, which was earlier cleared as the highest by the Committee of Creditors. A Dalmia Bharat official, however, told DNA Money that rebidding is out of the question
After Ultratech, Binani Industries snubbed by SC, Binani Cement lenders make this big demand
Mon, Apr 16, 2018
The planned move comes after the Supreme Court last week rejected the demand for an out-of-court settlement between the promoter Binani Industries and UltraTech, the cement arm of Aditya Birla group. As per the plans, the operational creditors would now press for charges, including misrepresentation by the resolution professional, discrimination against different classes of operational creditors, non-verification of their claims and also question the constitutional validity of the Insolvency and Bankruptcy Code (IBC)
KM BIRLA: Act in haste, repent at leisure
Fri, Apr 13, 2018
No doubt, Binani’s Cement plant in Rajasthan would help Ultratech consolidate and grow its capacity. Ultratech also has the financial heft to follow an inorganic growth path as testified by the acquisition of JP Associates’ cement assets. But it did bid for Binani Cement, and lost out to competitor Dalmia Bharat which made on offer of Rs 6350cr plus 20% equity for creditors.
Binani Cement-UltraTech deal gets big boost from small investors
Wed, Apr 11, 2018
Braj Binani group flagship company Binani Cement had on Monday knocked at the door of the Supreme Court, bypassing the National Company Law Tribunal to prevent the sale of the cement company to Dalmia Bharat as it prefers an out-of-court deal with UltraTech.
April 13 a crucial day for Binani Cement lenders
Tue, Apr 10, 2018
"April 13 will be a crucial day for us," a Binani Cement lender, who did not wish to be quoted, said. Binani Industries will be seeking redemption of the pledge of assets in the debt-ridden Binani Cement, a move supported by its lenders. A Binani spokesperson had said that they have lenders' support on the move.
Dalmia Cement hits out at UltraTech over 'misleading' claims on Binani bid
Thu, Mar 29, 2018
Earlier this month, Dalmia Cement had said its Rs 6,350 crore bid to buy Binani Cements Ltd (BCL) was accepted by the lenders. It had also offered 20 per cent equity in Binani to the lenders.
CCI clears UltraTech's acquisition of Binani Cement
Wed, Mar 28, 2018
The Competition Commission of India (CCI) in a tweet today said it has not found any "appreciable adverse effect on competition (AAEC) in respect of UltraTech Cement's proposed acquisition of 100 per cent shares of Binani Cement." Binani Industries Ltd (BIL) -- the promoter firm of BCL -- had approached UltraTech for arranging funds to pay off the lenders.
Dalmia Bharat, UltraTech remain keen in Binani despite 'fraud'
Thu, Mar 22, 2018
Dalmia Bharat Group CEO Mahendra Singhi said the company too had found some suspicious transactions during their internal evaluation but declined to quantify the amount.
CCI slaps Rs 6,700 crore fine on 10 cement firms, including ACC, Binani, for cartelisation
Wed, Aug 31, 2016
Competition Commission of India (CCI) on Wednesday imposed more than Rs 6,700 crore penalty on 10 cement companies, including ACC, Binani, Century, UltraTech, for cartelisation.
WATCH: Top headlines this morning
Tue, Jul 05, 2016
Zee Business brings you the most important stories of the day that will help you shape your market strategies and keep you informed with the latest developments. Top headlines this morning: 1. Amid weak global cues, SGX Nifty slips
Value of M&As involving Indian companies jumps 63% to $7.8 billion in Q1
Wed, May 04, 2016
Out of the total transactions announced in the three months ended March this year, 67% were domestic ones.