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    Binani seeks shareholders' approval to sell 100% equity shares

    infrastructure | IST

    Binani seeks shareholders' approval to sell 100% equity shares

    Binani Industries on Wednesday sought approval from its shareholders to sell 100% equity shares. The board meet ended on Wednesday, the company informed stock exchanges.
    Questions were raised by the bankers on Tuesday with regard to the settlement in NCLAT, saying the repayment offer was only presented to the media, and not to the lenders.
    The National Company Law Appellate Tribunal (NCLAT) on Tuesday granted relief to Binani Industries, and its lenders, to settle its insolvency case. The company said that it was ready to meet all financial claims. “We wanted a fair and transparent process”, said Sameer Kaji, Senior Advisor, Binani Industries.
    Rs 7,266 crore being talked about by Binani Cement for repayment is inadequate, said the banking sources adding that it must settle dues worth Rs 8,100 crore.
    Binani's settlement offer includes raising Rs 7,266 crore from  UltraTech Cement.
    The Competition Commission had earlier cleared UltraTech Cement's bid to acquire Binani Cement, pursuant to the insolvency proceedings.
    UltraTech Cement had expressed its willingness to buy loan defaulter Binani Cement's stressed assets by providing Rs 7,266 crore to its parent company, Binani Industries.
    In a stock exchange filing, the Aditya Birla Group firm had said "The company has received approval from the Competition Commission of India (CCI) with respect to its bid for Binani Cement Ltd (BCL)."

    #CNBCTV18Exclusive | NCLAT grants liberty to Binani & lenders to settle insolvency. Watch @CNBCTV18Live's @Nigel__DSouza in conversation with Sameer Kaji, Sr Advisor, Binani Ind on whether equity shareholders of Binani Ind stand to gain anything from this pic.twitter.com/87sAHExl3m

    — CNBC-TV18 News (@CNBCTV18News) April 3, 2018
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