Dalmia Bharat to stick to its Rs 67 billion offer for Binani Cement

The NCLT has ordered the CoC to consider UltraTech Cement and Dalmia Bharat Cement's offers, while bearing in mind the objective of IBC, which is value maximisation

The National Company Law Appellate Tribunal (NCLAT) on Friday rejected the Dalmia Bharat-led consortium's plea to obtain a stay on the decision of the Kolkata Bench of the National Company Law Tribunal (NCLT), which had directed the Committee of Creditors (CoC) to consider UltraTech's revised bid for Binani Cement and reconsider Dalmia Bharat's offer only if it quotes higher than UltraTech.
 

The Dalmia Bharat-consortium, which had moved the NCLAT since it did not want to revise the bid, was "weighing options", but would not quote a higher price even after Friday's order, sources said.

Against the near Rs 67 billion