INSUBCONTINENT EXCLUSIVE:
by 60 per cent, from Rs 11,000 crore to Rs 18,000 crore
Steel as the highest bidder although a voting in favour has yet not taken place.
Tata Steel was declared H1, or the highest bidder, while
JSW Steel was H2, or the second higher bidder, and Liberty House stood third, lenders told ET.
Liberty House, which made the highest offer,
was disqualified since it failed to furnish critical information on its funding arrangement to acquire Bhushan Power within a given
timeframe, despite repeated reminders.
The Sanjay Singal-promoted Bhushan Power and Steel faces claims of Rs 49,264 crore
The offer of Rs 17,000 crore to lenders from Tatas would imply 66 per cent haircut for lenders.
ET could not verify the details of JSW
two bidders.
The fair value of the Bhushan Power is pegged at Rs 24,000 crore
Meanwhile, for Bhushan Steel, which was acquired by the Tatas, lenders took a haircut of 37 per cent.
In case of Electrosteel Steels, which
is acquired by Vedanta, the haircut was around 50 per cent
Haircut was the highest at 75 per cent in case of Monnet Ispat, which was acquired by JSW Steel.
