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Lenders to vote on offers for Bhushan Power & Steel

The voting will begin at 4pm on October 15, and will last till 4 pm on October 17

October 15, 2018 / 04:17 PM IST
 
 
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After a lull of over two months, lenders of Bhushan Power & Steel will vote on bids for the stressed company.

The voting will begin at 4pm on October 15, and will last till 4 pm on October 17.

"The voting results will be announced on Thursday," said an executive from the industry.

While Tata Steel, JSW Steel and Liberty House have put in bids for Bhushan Power & Steel, the voting is essentially on the offer from the Sajjan Jindal-led company.

On August 13, JSW Steel had surprised everyone by offering over Rs 19,500 crore for Bhushan Power & Steel, just when lenders were to vote on the offer from Tata Steel, the favourite in the race till then.

Tata Steel had emerged the leader early in the race, after it bid Rs 17,000 crore, much higher than JSW Steel's initial offer of Rs 11,500 crore.

The Tata company's offer was later trumped by that of UK-based Liberty House, which bid Rs 18,500 crore. But the bid by the Sanjeev Gupta-led Group was questioned by lenders.

Bhushan Power & Steel makes 3.1 million tons steel a year, and has accumulated over Rs 43,000 crore in debt.

The company was owned by the Delhi-based Singal family, whose other firm Bhushan Steel was picked up by Tata Steel during insolvency proceedings.

Prince Mathews Thomas
Prince Mathews Thomas heads the corporate bureau of Moneycontrol. He has been covering the business world for 16 years, having worked in The Hindu Business Line, Forbes India, Dow Jones Newswires, The Economic Times, Business Standard and The Week. A Chevening scholar, Prince has also authored The Consolidators, a book on second generation entrepreneurs.
first published: Oct 15, 2018 04:17 pm

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