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IFCI recovers INR 280 crore from TATA Steel buy of Bhushan Steel

Steel News - Published on Mon, 28 May 2018

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Business Line reported that Infrastructure lender IFCI has recovered INR 280.30 crore and has been allotted over 5.79 lakh equity shares of debt-ridden Bhushan Steel, which has been acquired by Tata Steel, under the insolvency process. IFCI said in a BSE filing that “IFCI, as one of the financial creditors to BSL, had filed its claim with the resolution professional which was duly accepted. Under the resolution plan (RP) envisaging payment of INR 35,200 crore to all the financial creditors, IFCI has since received its share of INR 280.30 crore,”

Further, as part of the resolution process, IFCI said it has also been allotted 5,79,277 fully paid-up equity shares of BSL having face value of INR 2 per share. The company, however, did not share the total outstanding amount.

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Posted By : Nanda Koijam on Mon, 28 May 2018
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