Binani Industries hits upper circuit on acquisition talk, up 5%
ETMarkets.com|
Jan 16, 2018, 10.33 AM IST
The company faces claims of Rs 2,429 crore from IDBI Bank and SBI in the form of corporate guarantees
NEW DELHI: Stock of Binani Industries, a holding company, hit its 5 per cent upper circuit limit, after ET quoting two senior executives said ace investors Rakesh Jhunjhunwala and D-Mart owner Radhakishan Damani have teamed up to bid for the cement maker facing insolvency proceedings.
Heidelberg, UltraTech, Dalmia Bharat, Ramco Cements and the JSW Group have already made proposals on their own or in partnership to acquire the assets of the debt-ridden company, ET reported.
Following the announcement, the stock rose 5 per cent to Rs 145.95 on the BSE. A total of 13,000 shares changed hands on the counter compared with a daily average of 51,000.
Lenders had made a claim of Rs 3,884 crore on the company, which includes loans acquired by Edelweiss Asset Reconstruction Company from banks and dues to State Bank of India, Canara Bank and Bank of Baroda.
This apart, the company faces claims of Rs 2,429 crore from IDBI Bank and SBI in the form of corporate guarantees, the ET report stated.
Heidelberg, UltraTech, Dalmia Bharat, Ramco Cements and the JSW Group have already made proposals on their own or in partnership to acquire the assets of the debt-ridden company, ET reported.
Following the announcement, the stock rose 5 per cent to Rs 145.95 on the BSE. A total of 13,000 shares changed hands on the counter compared with a daily average of 51,000.
Lenders had made a claim of Rs 3,884 crore on the company, which includes loans acquired by Edelweiss Asset Reconstruction Company from banks and dues to State Bank of India, Canara Bank and Bank of Baroda.
This apart, the company faces claims of Rs 2,429 crore from IDBI Bank and SBI in the form of corporate guarantees, the ET report stated.
