Lenders reject Arcelor’s bid to buy Essar firm at 93% discount

Essar Steel Insolvency Process: Banks reject Numetal, ArcelorMittal bids Essar Steel, which has a steel-making capacity of 9.7 MTPA, owes over Rs 45,000 crore to lenders, of which Rs 31,671 crore was classified by banks as NPA as of Mar 31, 2016.

Lenders to EPC Constructions India Ltd, an Essar group firm, have called for fresh bids after rejecting an offer from ArcelorMittal SA because they found it too low, said a Home Companies Lenders reject Arcelor’s bid to buy Essar firm at 93% discount | News From Other Media | businessnorth.com

In a bid to make it a more suitable bidder, shareholders of Numetal Mauritius, the VTB Bank-led vehicle to bid for Essar Steel Ltd., have approached lenders offering to buy out Rewant Ruia’s stake.

The decision to reject both the bids was taken at a meeting of the committee of creditors (CoC) of Essar Steel which has decided to allow a second round of bidding for the 10-million tonne-asset.

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Lenders reject bids by Numetal, ArcelorMittal for Essar Steel. The State Bank-led consortium of lenders to Essar Steel today rejected the bids by both Numetal as well as. Numetal’s bid was.

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MUMBAI (NewsRise) — Indian lenders called fresh bids for bankrupt Essar Steel’s assets after rejecting offers from the world’s largest steel maker ArcelorMittal and an entity controlled by Russia.

Court rejects plea against ArcelorMittal’s bid for Essar Steel – Reuters. 07-04 reuters.com NEW DELHI (Reuters) – The National Company Law Appellate Tribunal (NCLAT) rejected on Thursday a petition challenging ArcelorMittal SA’s proposed takeover of debt-ridden essar steel, removing a hurdle in billionaire Lakshmi Mittal’s entry into the country’s fast-growing steel market.

Supreme court puts essar steel sale to ArcelorMittal on hold, temporarily; Will pay creditors entire outstanding amount; complete pending projects in 3 years: Jaypee Infratech; Su

The firm also questioned VTB’s authority in deciding on the veracity of a rival bid.. shed their stake at a discount to become eligible for the Essar bid. There were earlier reports that both.

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Lenders reject Arcelor’s bid to buy Essar firm at 93% discount.. ArcelorMittal seeks to buy EPC Constructions at 93% discount.. Brookfield in talks with Essar to buy Equinox Business Park.