Tata Steel completes acquisition of controlling stake in Bhushan Steel

Tata-Bhushan Steel deal Here's how BoI will benefit 5 points

The company has also successfully completed the acquisition of controlling stake of 72.65 per cent in Bhushan Steel Ltd (BSL) through its wholly-owner subsidiary Bamnipal Steel Ltd (BNPL).

"Let us decide the law but not stall the process", the NCLAT bench said, declining to stay Tata Steel Ltd's acquisition, but said that the resolution process would be subject to the final outcome of the case.

The deal is being financed through a combination of the external bridge loan of Rs. 16,500 crore availed by BNPL and balance amount through investment by TSL in BNPL.

"For the first time such a large loan resolution has been achieved through upfront payment received by banks through sale of a company".

New Delhi, May 21 Shares of public sector banks surged up to 5.3 per cent today as investors cheered the acquisition of debt-laden Bhushan Steel under the Insolvency and Bankruptcy Code (IBC) framework that will reduce bad loans of PSBs.

"IBC transforming credit culture in NewIndia".

Meanwhile, Larsen & Toubro (L&T) has also approached the NCLAT against NCLT's Tata Steel takeover order.

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The liquidation value of Bhushan Steel was Rs. 14,541 crore but creditors received nearly 4 times the amount (Rs. 36,400). According to Moneycontrol, the engineering giant argued that it has an outstanding due of Rs 900 crore from BSL, but being bracketed as an "operational creditor", there's no provision to clear its due under the resolution plan provided by Tata Steel.

Tata Steelfurther asserted that all necessary approvals such as that of Competition Commission of India and NCLT have been received.

"A historic moment! Tata buys Bhushan Steel for Rs 36k crores + 12 pc equity".

Neeraj Singhal is the promoter of Bhushan Steel, which has been undergoing insolvency proceedings.

Bhushan Steel Limited is known to be the manufacturer of auto-grade steel in India.

The corporate insolvency resolution advisory and transaction team was led by Executive Chairman Shardul Shroff along with Partner Anoop Rawat, Senior Associates Kushal Sinha and Sagar Dhawan and Associates Dhrupad Pant and Pulkit Chandak formed part of the corporate insolvency resolution advisory and transaction team.



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