• Rajasthan

    Cong 101
    BJP 80
    RLM 0
    OTH 15
  • Madhya Pradesh

    Cong 112
    BJP 95
    BSP 5
    OTH 8
  • Chhattisgarh

    Cong 53
    BJP 26
    JCC 9
    OTH 1
  • Telangana

    TRS-AIMIM 82
    TDP-Cong 25
    BJP 6
    OTH 6
  • Mizoram

    MNF 25
    Cong 10
    BJP 1
    OTH 4

* Total Tally Reflects Leads + Wins

IFCI recovers Rs 280 crore from path-breaking Bhushan Steel insolvency resolution; check how it got paid

By: | Published: May 25, 2018 12:34 PM

Infrastructure lender IFCI has recovered Rs 280.30 crore and has been allotted over 5.79 lakh equity shares of debt-ridden Bhushan Steel (BSL), which has been acquired by Tata Steel, under the insolvency process.

Tata Steel, bhushan stell, Amarchand Mangaldas , news on tata steel, latest news on tata steel, Amarchand Mangaldas , taata steel bhushan steel tie upIFCI has recovered Rs 280.30 crore and has been allotted over 5.79 lakh equity shares of Bhushan Steel.

Infrastructure lender IFCI has recovered Rs 280.30 crore and has been allotted over 5.79 lakh equity shares of debt-ridden Bhushan Steel (BSL), which has been acquired by Tata Steel, under the insolvency process. “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 Rs 35,200 crore to all the financial creditors, IFCI has since received its share of Rs 280.30 crore,” IFCI said in a BSE filing.

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

In June last year, RBI’s internal advisory committee (IAC) identified 12 accounts, each having more than Rs 5,000 crore of outstanding loans and accounting for 25 percent of total NPAs of banks. Tata Steel had won the bid to acquire debt-laden Bhushan Steel in an insolvency auction.

IFCI’s standalone net loss widened to Rs 566.64 crore in the last quarter ended March 2018, due to higher provisioning for bad loans and write off. There was a write off and provisions for bad assets to the tune of Rs 1,111.18 crore during the March quarter, more than double from Rs 499.63 crore in the year-ago period. Shares of IFCI were trading 5.64 per cent higher at Rs 17.80 apiece on BSE.

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