Breaking News

You are here » Indian-Commodity  :  Corporate  :  NCLT approves RP submitted by Tata Steel for acquisition of Bhushan Steel

16-May2018

NCLT approves RP submitted by Tata Steel for acquisition of Bhushan Steel

National Company Law Tribunal (Principal Bench, New Delhi) (NCLT) has approved the Resolution Plan (RP) submitted by Tata Steel for acquiring the controlling stake of Bhushan Steel under the Corporate Insolvency Resolution Process (CIRP) of the Insolvency and Bankruptcy Code 2016 (IBC).

As per the terms of approved Resolution Plan, Bamnipal Steel (BNPL), a wholly-owned subsidiary of Tata Steel, will initially subscribe to 72.65% equity share capital of Bhushan Steel at face value of Rs 2 per share, for an aggregate amount of Rs 158.89 crore. The financial creditors shall receive a total consideration of Rs 35,200 crore for the settlement of the existing financial debt of Bhushan Steel.

Tata Steel, the flagship company of the Tata group is the first integrated steel plant in Asia and is now the world's second most geographically diversified steel producer and a Fortune 500 Company.


Related News

View all news

NIIT Technologies concludes sale of 88.99% stake in ESRI India Technologies

NIIT Technologies has concluded the sale of 88.99% equity shares in ESRI India Technologies, India to Environment Systems Research Institute Inc., USA. Consequent to above sale, ESRI India Technologies,......

United Bank of India to raise Rs 1,500 crore by various means

United Bank of India has received approval to raise equity capital not exceeding Rs 1,500 crore in one or more tranches during the financial year by way of Qualified Institutions Placement, Public Issue,......

Crisil downgrades DHFL's commercial papers worth Rs 850 crore

Credit Rating Agency Crisil has downgraded Dewan Housing Finance Corporation's commercial paper worth Rs 850 crore from A3+ to A4+. Its rating also continues to be on 'Rating Watch with Negative Implications'.......

Top News

View all news

SRF, NIIT Technologies and United Bank of India to see some action today

SRF has entered into a definitive agreement to sell its Engineering Plastics Business to DSM, the Life Sciences and Materials Sciences Company in an all-cash transaction, amounting to Rs 320 crore. The......

NIIT Technologies concludes sale of 88.99% stake in ESRI India Technologies

NIIT Technologies has concluded the sale of 88.99% equity shares in ESRI India Technologies, India to Environment Systems Research Institute Inc., USA. Consequent to above sale, ESRI India Technologies,......

United Bank of India to raise Rs 1,500 crore by various means

United Bank of India has received approval to raise equity capital not exceeding Rs 1,500 crore in one or more tranches during the financial year by way of Qualified Institutions Placement, Public Issue,......