Brief: Ultratech Cement Concludes In-Principle Commercial Understanding With Binani Industries

BIL Vyapar

19/03/2018 08:37

March 19 (Reuters) - Ultratech Cement Ltd  ULTC.NS :
    * CO IN-PRINCIPLE CONCLUDED COMMERCIAL UNDERSTANDING WITH
BINANI
INDUSTRIES FOR PURCHASE OF 98.43 PERCENT STAKE IN BINANI CEMENT
    * BINANI INDUSTRIES APPROACHED CO TO ARRANGE FUNDS TO
PAY-OFF
LENDERS DEBTS AGAINST OFFER OF SALE OF ENTIRE BINANI CEMENT
SHAREHOLDING
    * BINANI INDUSTRIES REQUESTED CO TO ISSUE COMFORT LETTER AS
SUPPORT IN APPLICATION SEEKING TERMINATION OF INSOLVENCY
PROCEEDING
    * CO WILL PROVIDE FUNDS WORTH 72.66 BILLION RUPEES FOR
ACQUIRING
BINANI CEMENTS

Source text - http://bit.ly/2FHGupE
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 ((Reuters.Briefs@thomsonreuters.com;))