IFCI surges 6% on receiving Rs 4.9 billion for Binani Cement resolution

On November 14, Aditya Birla Group firm UltraTech Cement won bid to acquire debt-ridden Binani Cement after the NCLAT approved its revised Rs 79.50 billion bid over an offer by rival Dalmia Bharat.

Shares of Industrial Finance Corporation (IFCI) climbed as much as 6.49 per cent to Rs 14.60 in the intra-day deals on Tuesday after it received Rs 4.92 billion towards security receipts under the IBC resolution plan for Binani Cement.

“On account of resolution of Binani Cement through NCLT, IFCI, which is holding 42,16,850 security receipts of the face value of Rs 1,000 each has received Rs 4.92 billion, net of TDS of Rs 305 million, pursuant to the said resolution,” IFCI said in a regulatory filing.

On November 14, Aditya Birla Group firm UltraTech Cement won bid to acquire debt-ridden Binani Cement 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, NCLAT may have set a precedence as it favoured a proposal that not just paid the financial lenders but also operational creditors, said a PTI report. 

At 11:06 am, shares of the non-banking finance company (NBFC) were trading 5 per cent higher at Rs 14.40 apiece on BSE.