Lodha, IBREL bid below reserve price for Finlay Mills
Published on Thu, Jul 16, 2009 at 15:32 | Source : CNBC-TV18
Updated at Fri, Jul 17, 2009 at 09:17
Like this story, share it with millions of investors on M3
0
Like this story, share it with millions of investors on M3
Lodha, IBREL bid below reserve price for Finlay Mills
CNBC-TV18 learns from sources that National Textile Corporation (NTC) has put the reserve price for Finlay Mills at Rs 700 crore. The Finlay Mills compound is a 10.3 acre property. IBREL as well as the Lodha Group put in a bid for Finlay Mills, however, both companies bid below Rs 700 crore.
Indiabulls Real Estate (IBRL) and the Lodha Group have put in their respective bids for the National Textile Corporation's (NTC) Finlay Mills in Parel, Mumbai.
However, both bids fell below the reserve price set by NTC for the 10.3 acre property. Sources say the IBREL bid price stood at Rs 520 crore while the Lodha Group bid at Rs 657 crore.
Below is the transcript of CNBC-TV18's Nayanata Rai's comments on CNBC-TV18. Also watch the accompanying video.
Both bids have fallen short of the reserve price. The first time NTC announced a bidding process, it had put in a minimum reserve price of Rs 1,025 crore while the highest bidder, DB Realty, had put in a bid for Rs 405 crore.
NTC's Asset Sale Committee will now take a final call on which company will decide whether or not it will go through with the final bid. One will need to see whether it will cancel the bid this time too.
