According to news reports, Prithviraj Jindal's Jindal Saw, which was the highest bidder, offered roughly Rs530 crore for the insolvent Sathavahana Ispat.
Vedanta Ltd was also vying to acquire the insolvent steel manufacturer. As a successful resolution applicant, Jindal Saw received a letter of intent from lenders, the firm claimed in a statement to the market on Monday. The Jindal Saw offer to buy the steel company is not mentioned in the stock notification.
Six further businesses made expressions of interest besides Jindal Saw. According to the disclosures made by the RP on the company's website, these are Vedanta Ltd, Welspun Corp Ltd, Sarda Mines Ltd, Ares SSG Capital (Singapore) Ltd, Khandwala Finstock Pvt Ltd, and Trimex Industries Pvt Ltd.
The only creditor, J C Flower Asset Reconstruction Company, has an acknowledged claim for Rs1747 crore. A group of lenders led by Canara Bank sold all of Sathavahana Ispat's debt to J C Flowers ARC in June of last year at a Swiss auction.
Lenders received an Rs410 crore anchor offer from J C Flowers ARC as part of a Swiss auction in May of last year. A counteroffer of Rs531 crore was made by Pridhvi Asset Reconstruction & Securitisation (Paras) Ltd, an ARC, in collaboration with Megha Engineering.
The following day, Paras made a counteroffer, and JC Flowers ARC matched it. The anchor bidder has the option to match the counteroffer in a Swiss auction.
Following the filing of a petition by J C Flowers ARC, Sathavahana Ispat entered corporate insolvency one month later.
Edelweiss Special Opportunities Fund and ECL Finance provided Rs500 crore over five years of financing to Siddeshwari Tradex. According to the stock exchange reports, the funding was provided in exchange for an exclusive pledge from Jindal Energy, Jindal Steel, Jindal Power & Steel, and Jindal Holdings.
One facility each in Andhra Pradesh and Karnataka that makes pig iron and ductile iron pipe are owned by Sathavahana Ispat, along with a captive power plant with a capacity of 50 megawatts.
For feedback and suggestions, write to us at firstname.lastname@example.org
Invest wise with Expert advice
The US Federal committee's meeting will conclude on March 16, 2022.
No Record Found