Binani Cement's CoC asks Dalmia Bharat to match offer of UltraTech

Sources suggested that Dalmia Bharat may consider revision of the offer only after the May 22 hearing in NCLAT

The Committee of Creditors (CoC) of Binani Cement on Friday asked Dalmia Bharat Cement led consortium to match the Rs 79.60 billion offer from UltraTech Cement for acquisition of the stressed assets of Binani Cement.

After conclusion of the much-awaited CoC meeting, where the proposal from UltraTech was discussed in details, the lenders equivocally termed its proposal as monetarily superior but agreed to ask Dalmia Bharat Cement led consortium – Rajputana Properties Pvt Ltd (RPPL) – to match the offer from UltraTech, as per the order from the Kolkata bench of NCLT.

Previously, after its selection as the H1 bidder,