Bhushan Steel Bids

State Bank of India (SBI), Indian Overseas Bank (IOB), Uco Bank, Central Bank of India and Union Bank of India slipped between 1 per cent to 2 per cent in intraday deals on Monday

Closure on a pre-agreed date will make the IBC process both credible and ethical

Sajjan Jindal-led JSW Steel, Tata Group firm Tata Steel and UK-based Liberty House are competing with each other to acquire Bhushan Power and Steel Ltd

Only Tata Steel has submitted a revised bid on Monday

The appellate tribunal also said that it would consider whether contempt of court proceedings should be initiated against the RP in the next hearing

Tata Steel emerged as biggest bidder for Bhushan Steel completed acquisition of controlling stake of 72.65% in the debt-laden firm on May 18.

The appellate tribunal directed the CoC to keep its decision over the bids in a sealed cover and said it would be subject to its final order.

As of March 31, 2017, Bhushan Steel had a debt of Rs 481 billion

The Bhushan Power & Steel owes nearly Rs 450 billion to its lenders

Bhushan Power and Steel owes about Rs 450 billion to its lenders

The Committee of Creditors (CoC) of debt-laden Bhushan Steel informed on March 6, said Tata Steel in its release

As of now, Tata Steel seems to be the highest bidder for Bhushan Power and Steel

Tata Steel has emerged as the highest bidder for Bhushan Steel

JSW Living Pvt Ltd is a joint venture between JSW and Piramal Enterprises

The takeover, if successful, would boost JSW Steel's capacity by 5.6 mtpa, even as the lenders would have to take a 50 per cent haircut on their dues, totalling Rs 590 billion

Edelweiss ARC is one of the bidders of Bhushan Steel

The last date for accepting the bids has been extended to February 8 as bidders seek more clarity on the income tax (I-T) liabilities

Anil Agarwal-owned Vedanta and Sajjan Jindal's JSW Steel set to make aggressive bids