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IFCI receives Rs 4.92 billion for Binani Cement under resolution plan

Shares of IFCI settled at Rs 13.71 per scrip, up 0.81%, on the BSE

Press Trust of India  |  New Delhi 

IFCI
Representative image

Infrastructure term lender on Monday said it has received Rs 4.92 billion towards security receipts under the plan for

"On account of resolution of through NCLT, IFCI, which is holding 42,16,850 security receipts of the face value of Rs 1,000 each has received Rs 4.91 billion, net of TDS of Rs 305.5 billion, pursuant to the said resolution," said in a regulatory filing.

On November 14, Aditya Birla Group firm won bid to acquire debt-ridden after the National Company Law Appellate Tribunal (NCLAT) approved its revised Rs 79.50 billion bid over an offer by rival Dalmia Bharat Group.

In approving UltraTech's resolution plan for Binani, which was auctioned to recover unpaid bank dues, may have set a precedence as it favoured a proposal that not just paid the financial lenders but also operational creditors.

Shares of settled at Rs 13.71 per scrip, up 0.81 per cent, on the BSE.

First Published: Mon, November 26 2018. 19:20 IST
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