Lenders to EPC Constructions India Ltd have called for fresh bids after rejecting an offer from Arcelor Mittal because they found it to be below their expectations, Mint has reported. EPC Constructions India Ltd is an Essar group firm. A banker, aware of the development, has provided the information to Mint.
Arcelor Mittal, the sole buyer for EPC Constructions, wanted to acquire the company at a 93 per cent discount, according to the report. Fresh bids are now likely to be submitted by Tuesday. Arcelor Mittal had offered Rs 500 crore, against EPC Constructions’ pending loans of Rs 7,268 crore.
The company had also promised to bring some equity into EPC Constructions if it was chosen. However, the lenders were not happy with the offer and wanted more cash upfront. Read More
Latest posts by swarajyamag.com (see all)
- Indian Railways To Invest Over Rs 13,500 Crore To Upgrade Speed Of Trains On Busy Delhi-Howrah, Delhi-Mumbai Routes - July 22, 2019
- Bengaluru-Mysore MEMU Train Proves A Hit: To Run For Six Days A Week Instead Of Four With Revised Timings - July 22, 2019
- Bengaluru: Namma Metro And BMTC To Go Smart With Common Mobility Cards; To Be Rolled Out In September - July 18, 2019