Binani CoC votes in favour of UltraTech offer

The Committee of Creditors (CoC) of Binani Cement today voted in favour of UltraTech Cement's Rs 7,960-crore offer.

UltraTech Cement's bid received 100 per cent consent at the CoC meeting, sources close to the company said.

The meeting had to be pushed back several rounds due to legal hurdles.

The voting overrides the previous CoC decision of going with the Dalmia Bharat-led consortium as the successful bidder.

UltraTech now becomes the H1 bidder, replacing Rajputana Properties - the bidding company for the Dalmia Bharat-led consortium.

The Letter of Intent is unlikely to be issued immediately, as the CoC will submit its plan to the resolution professional (RP), who in turn will forward it to the NCLT Kolkata bench, CoC sources said.

The Tribunal had ordered the CoC to submit the final successful proposal, presenting an opportunity to revise the offers of both the bidders, latest by June 24.

Dalmia Bharat had said it will not revise its offer, which was lower by about Rs 1,100 crore.

The company, however, had said it will contest the decision in the Appellate Tribunal and may also move the Supreme Court, if Ultratech Cement's proposal was accepted.