Lenders of Bhushan Power & Steel have received only one revised bid –– from JSW SteelNSE 0.78 % –– for the bankrupt company as the other two suitors — Tata SteelNSE 1.82 % and Liberty House — have not amended the offers they previously made, two senior officials with knowledge of the matter said.
JSW has revised its bid even as the higher bankruptcy court has directed lenders not to open bids received in the second round and instead evaluate those filed in the first round. The National Company Law Appellate Tribunal has directed lenders to submit to it in sealed covers the bids they received.
JSW Steel, which had offered Rs 11,000 crore in the first round, increased the offer by more than 60% to Rs 18,000 crore on Thursday evening. After JSW made the revised offer, lenders decided to invite a fresh round of financial bids from the three applicants by Tuesday morning.
via Only JSW Steel submits revised bid to Bhushan Power lenders – The Economic Times
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