Bhushan Power & Steel is one of the 12 cases mandated by the Reserve Bank of India to be resolved under the Insolvency and Bankruptcy Code (IBC) has got a leg-up with the letter of intent (LOI) being issued in JSW Steel’s favour. Sources close to the development said the next step was to file the resolution plan with the National Company Law Tribunal (NCLT) for approval.
- Tata Motors Announced Tie-up with South Indian Bank
- Waaree Energies Received a Supply Order for 400 MW Modules
- Techno Electric Shares Hit 52-Week High on Securing Orders Worth Rs 4,000 Crore
- IREDA Shares Skyrocketed 11% on Receiving Navratna Status
- Glenmark Pharma Shares Gain 1% on Receiving USFDA Approval
JSW Steel’s upfront offer for Bhushan Power was Rs 19,300 crore, and another Rs 350 crore had been offered for operational creditors.