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

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ArcelorMittal, Numetal Ineligible to Bid for Essar Steel, Finds Audit Report. If Essar Steel’s lenders accept the report, bids by both hopefuls could be rejected at the meeting of the committee.

AMSYF Stock News and Price / ArcelorMittal – Stock Price. – Lenders reject Arcelor’s bid to buy Essar firm at 93% discount. 2018-12-31 livemint.com 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 banker aware of the development. AMSYF MTCN 532179 MT 500116 CRPKY IDBI 532505.

Can’t Steel The Deal: Lenders Reject Arcelor’s Bid To Buy Essar Firm At 93 Per Cent Discount; Fresh Bids Soon Swarajya Staff January 01, 2019, 11:16 am

Lenders reject bids by Numetal, ArcelorMittal for Essar Steel – The State Bank-led consortium of lenders to Essar Steel on Wednesday rejected the bids by both Numetal and ArcelorMittal after finding them ineligible under the amended Insolvency & Bankruptcy.

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The first banker, requesting anonymity, said that the company has also promised to bring some equity into EPC Constructions if they win the bid, but lenders were not happy with the offer and want more cash upfront. "A discount of above 90% is not acceptable to them."

Mumbai: ArcelorMittal has challenged the committee of creditors’ last week decision to reject its bid for Essar Steel on technical grounds at the Ahmedabad bench of the National Company Law Tribunal (NCLT), the company said in a statement on Monday. The bankers had met on 23 March in Mumbai and had rejected ArcelorMittal’s bid along with that of Numetal – the only two bidders for the crippled.

Essar group’s EPC Constructions’ lenders have called for fresh bids after rejecting the offer from ArcelorMittal as they found it too low, Mint reported, citing sources. ArcelorMittal was looking to buy the company at a 93 percent discount, the sources told the paper, adding that fresh bids are expected to be submitted by Tuesday.

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Lenders to EPC Constructions India Ltd, an Essar group firm. to buy the company at a 93% discount, said the banker, requesting anonymity. Fresh bids are now expected to be submitted by Tuesday, the.