MAMTA BINANI
Ashdan, Yash Shares in a duel to acquire Rolta India
Lenders prepare to vote on revised bids for Rolta India to choose the buyer, with Ashdan leading despite challenges. The company's debt amounts to ₹14,000 crore, and an appeal to the appellate tribunal is still an option.
Ashdan properties leads race to acquire Rolta India
Ashdan made a ₹850-crore cash offer to creditors, beating bids by Patanjali and MGN, following which the committee of creditors (CoC) decided not to go ahead with another round of bidding, people familiar with the matter said. In February, the Mumbai bench of the National Company Law Tribunal (NCLT) had allowed lenders to seek rebids for Rolta following a plea by Baba Ramdev's Patanjali Ayurved to make an offer for the company after the deadline for submitting fresh bids lapsed.
Patanjali's late bid for Rolta spurs more to join the race
Welspun Group's MGN Agro Properties and Mumbai-based B-Right Real Estate have successfully petitioned the NCLT to also submit bids. In fact, the Mumbai bench of the NCLT gave all new bidders time till February 25 to submit a formal expression of interest.
Patanjali enters race with all-cash offer of ₹830 crore to acquire Rolta India
Patanjali Ayurved has made a late bid to acquire debt-laden Rolta India with an all-cash offer of approximately ₹830 crore. This bid comes after Ashdan Properties was declared the highest bidder by banks last week. Patanjali Ayurved approached the National Company Law Tribunal in Mumbai, requesting lenders to consider its offer. The tribunal has put the onus on the committee of creditors to decide whether to entertain the bid since it emerged after the completion of the bidding process.
Pune realtor Ashdan's bid tops 8 offers for debt of Rolta India
Pune-based real estate developer Ashdan Properties emerges as the highest bidder to take over the ₹14,000 crore debt of Rolta India with a bid valued at close to ₹760 crore on a net present value (NPV) basis. The bid beats eight other bidders including data centre company Cyfuture India and Jai Corp vice chairman Virendra Jain.
Nine bidders submit plans for Rolta India which owes Rs 14,000 crore
People aware of the development told ET that resolution plans have come from Rashmi Metaliks, United Biotech, Real Value Infotech Projects, Cyfuture India, Square Four Housing & Infrastructure Development, Ashdan Properties, Quant Efficient, and Yash Shares. One individual, Viren Jain, has also submitted a final bid.
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Rolta India lenders invite fresh revival bids
The exchange filing stated that the plan proposed by the sole resolution applicant was rejected by the CoC with 87.41% dissent and now it is in the process of considering fresh steps to be taken as per the IBC framework. The lenders have also approached the National Company Law Tribunal (NCLT) to seek an extension of time.
Rashmi Metaliks submits resolution plan for Rolta
Secured creditors have an exposure of ₹7,086 crore to Rolta. The lenders are scheduled to meet on Wednesday to evaluate the Rashmi offer. The company was admitted for insolvency proceedings based on an application by Union Bank of India in January.
Buy Balrampur Chini Mills, target price Rs 432: Yes Securities
Balrampur Chini Mills, incorporated in the year 1975, is a Mid Cap company (having a market cap of Rs 8008.44 Crore) operating in Sugar sector.
IBBI plans new voting system for bankruptcies
Under the proposed system, all plans will be evaluated based on their first preference. If no plan secures the required 66% votes, the plan with the fewest first preference votes will be eliminated, and its first preference will be assigned to the second preference.
Buy Balrampur Chini Mills., target price Rs 435: Axis Securities
Promoters held 42.9 per cent stake in the company as of 31-Mar-2023, while FIIs owned 13.52 per cent, DIIs 20.88 per cent.
Buy Balrampur Chini Mills, target price Rs 390.8 : ICICI Direct
Balrampur Chini Mills, incorporated in the year 1975, is a Mid Cap company (having a market cap of Rs 7800.63 Crore) operating in Sugar sector.
Buy Balrampur Chini Mills, target price Rs 445: Nuvama Wealth
Registered its highest ever weekly close in a year indicating bullish momentum.
A dozen foreign and local entities express interest in Rolta insolvency
The resolution professional, Mamta Binani, received 12 expressions of interest (EoI) which included eight companies, one Singapore-based fund house and three individuals.
Buy Balrampur Chini Mills, target price Rs 480: JM Financial
The brokerage believes the most efficient mills like Balrampur Chini will reap tremendous profits through intergrated operations in the medium term.
Buy Balrampur Chini Mills, target price Rs 417: ICICI Securities
Balrampur Chini Mills, incorporated in the year 1975, is a Mid Cap company (having a market cap of Rs 8181.45 Crore) operating in Sugar sector.
Buy Emami, target price Rs 500: Sharekhan by BNP Paribas
Promoters held 54.27 per cent stake in the company as of 31-Dec-2022, while FIIs owned 11.14 per cent, DIIs 27.0 per cent.
Buy Balrampur Chini Mills, target price Rs 425: Sharekhan by BNP Paribas
The stock trades at decent valuations of 13.7x/12.1x its FY2023E/FY2024E earnings. We maintain a Buy recommendation on the stock with an unchanged PT of Rs. 425.
Buy Balrampur Chini Mills, target price Rs 435: ICICI Direct
After two consecutive years of poor sugarcane availability & dip in recovery,BCML is likely to see ~15% increase in sugarcane crushing & 15-20 bpshigher sugar recovery. This would boost distillery volumes in next two years
Buy Emami, target price Rs 610: Centrum Broking
Emami, incorporated in the year 1983, is a Mid Cap company (having a market cap of Rs 18186.41 Crore) operating in FMCG sector.
NCLT admits Union Bank's insolvency plea against Rolta
Union Bank had approached the bankruptcy court in February 2020 after the Mumbai-based company defaulted on dues of over ₹1,413 crore to the lender.
Reduce Emami, target price Rs 450: HDFC Securities
GM is expected to improve sequentially but operating margin will remain under pressure owing to weak revenue show. The brokerage models 15% YoY decline in EBITDA. EBITDA margin at ~30%.
Buy Balrampur Chini Mills, target price Rs 465: JM Financial
Balrampur Chini Mills, incorporated in the year 1975, is a Mid Cap company (having a market cap of Rs 8078.96 Crore) operating in Sugar sector.
Buy Balrampur Chini Mills, target price Rs 450: Axis Securities
Balrampur Chini Mills, incorporated in the year 1975, is a Mid Cap company (having a market cap of Rs 8284.02 Crore) operating in Sugar sector.
Buy Balrampur Chini Mills, target price Rs 465: JM Financial
Promoters held 42.42 per cent stake in the company as of 30-Sep-2022, while FIIs owned 19.07 per cent, DIIs 18.2 per cent.
Sebi to auction properties of Sunheaven Agro on Jan 18
Sunheaven Agro had garnered funds from more than 7,700 investors through issuance of redeemable preference shares without complying with public issue norms.
NCLT to set up three more benches in Bhubaneswar, Jaipur and Kochi
There is just about one appellate tribunal and the government is said to have initiated process to set up for appallate benches to share the workload.
Edelweiss moves NCLAT against Synergies Dooray debt recast
Synergies Dooray entered into a complicated deal with its sister concern Synergies Castings even as its matter was before BIFR.
Insolvency and Bankruptcy Code to kick in from tomorrow
The Code will help quicker resolution of cases and unlock value of assets, Mamta Binani, President, ICSI, the apex body of company secretaries, told reporters.
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