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Last Updated : Nov 27, 2018 10:02 AM IST | Source: Moneycontrol.com

IFCI surges 6% as co receives Rs 492 cr for Binani Cement resolution

On account of resolution of Binani Cement through NCLT, IFCI received an amount of Rs 491.84 crore.

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Shares of IFCI gained 6.5 percent intraday Tuesday after company received Rs 492 crore under the resolution plan for Binani Cement under the IBC mechanism.

"On account of resolution of Binani Cement through NCLT, IFCI, which is holding 42,16,850 security receipts of the face value of Rs 1,000 each has received an amount of Rs 491.84 crore, net of TDS of Rs 30.55 crore, pursuant to the said resolution, as per company release.

On November 14, Aditya Birla Group firm UltraTech Cement won bid to acquire debt-ridden Binani Cement after the National Company Law Appellate Tribunal (NCLAT) approved its revised Rs 7,950.34 crore bid over an offer by rival Dalmia Bharat Group.

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In approving UltraTech's resolution plan for Binani, which was auctioned to recover unpaid bank dues, NCLAT may have set a precedence as it favoured a proposal that not just paid the financial lenders but also operational creditors.

At 09:50 hrs IFCI was quoting at Rs 14.41, up Rs 0.70, or 5.11 percent on the BSE.

The share touched its 52-week high Rs 34.55 and 52-week low Rs 11.50 on 15 January, 2018 and 08 October, 2018, respectively.

Currently, it is trading 58.12 percent below its 52-week high and 25.83 percent above its 52-week low.

With inputs from PTI

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First Published on Nov 27, 2018 10:02 am
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