binani cement news - latest binani cement news, information & updates - real estate news -et realestate

binani cement news - latest binani cement news, information & updates - real estate news -et realestate

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Acquired assets are now beginning to run at full tilt, debt is reducing, and blended price realisation is improving at 4.4 per cent at UltraTech that alone accounts for about a fourth of Indias installed cement capacity.

Earlier on July 2, the Supreme Court had transferred all matters related to corporate insolvency resolution process of Binani Cement to the appellate tribunal from the National Company Law Tribunal, Kolkata.

The sale of the loan involves a structured transaction where the lender would receive a portion of the profits if the ARC is able to recover more than what it was originally valued at, said those people who did not want to be identified

Of this, the project being built by Raghvendra Constructions in Mumbais Goregaon suburb has nearly 200 apartments, including 70 tenants. The project in Thane by Arvij Builders has 100 apartments including tenants and new homebuyers.

Singh said that Barmecha along with Sachin Dutta entered into an agreement to sell with original allottee, Raj Hans Pvt Ltd, for a plot of land inspite of the fact that the plot cannot be transferred before making full payment of lease amount. He said that later on the land was cancelled on account of non-payment of authority dues in 2015.

ultratech cement share price target updated, binani cement acquisition in sight

ultratech cement share price target updated, binani cement acquisition in sight

UltraTech Cement has given the highest bid of Rs.7960 under the insolvency and bankruptcy code (IBC) process initiated against Binani Cement. As a result, the committee of creditors (CoC) for Binani Cement Ltd. has accepted the UltraTech Cements offer. Other lenders in the CoC include IDBI Bank, Bank of Baroda, Bank of India and State Bank of India.

Binani Cement owes Rs 6,469 crore to its financial creditors and is among the top 12 companies referred by the Reserve Bank of India for insolvency proceedings. As per IBC process, the resolution plan will be sent to the National Company Law Tribunal (NCLT) for its approval.

Further, UltraTech Cements bid represents more than 90 percent of the outstanding debt of all financial creditors. As per the current rules, a proposal needs approval from at least 75 percent of lenders by value, to go through.

Meanwhile, the bid was approximately Rs 1,000 crore higher than the amount offered by Rajputana Properties Ltd, the second highest bidder being considered by creditors. Rajputana Properties is a wholly owned subsidiary of the Dalmia Bharat Group.

Ultratech has recently announced the merger of Century textiles cement business, which has a capacity of 13.4mn t for the consideration of Rs. 86.2bn. This merger is expected to further strengthen the companys presence in Maharashtra, Central and Eastern region.

As per the deal, the shareholders of Century would get one equity share of UltraTech, which have a face Rs 10/- each for every eight equity shares of Century of face value Rs 10 each. On the other hand, UltraTech will issue 1.4 crore new equity shares to the shareholders of Century. This will enhance its equity capital to Rs 288.58 crore, divided into 28.86 crore equity shares of Rs. 10/- each.

UltraTech Cement believes that they will more than double the margins in 2-3 years. The company currently has a margin of Rs.400/t and expects to increase their margins to Rs.900/t. However, the company has weak pricing power and their valuations are stretched. Ultratech has also made two expensive deals.

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binani cement stock/share price , nse/bse forecast news and live quotes | equitymaster

binani cement stock/share price , nse/bse forecast news and live quotes | equitymaster

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