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Lenders to Bhushan Steel also received 7.25 crore equity shares worth Rs 2 each, after conversion of Rs 14.5 crore worth loans in the company, the exchange notification said.
The board of Bhushan Steel approved the sale of 74.99 shares to Tata Steel's wholly-owned subsidiary Bamnipal Steel Ltd for almost Rs 159 crore, the company said in its filing with the stock exchanges.
Tata's acquisition of a bankrupt steel company on Friday is seen as a major victory in the Indian authorities' war against the problem of bad loans, which are weighing on the country's banks.
The Tata Steel unit will raise a bridge loan of 165 billion rupees to help fund the acquisition, while Tata Steel is investing the remainder in the unit, Bamnipal Steel. The bridge loan availed by BNPL is expected to be replaced by debt raised at BSL over time.
"IBC transforming credit culture in NewIndia".
Calling it a historic breakthrough in resolving legacy issues of banks, Finance Minister Piyush Goyal said that lenders recovered nearly entire principal loan of Bhushan Steel through Rs 36,400 crore transparent bid by Tata Steel and also got 12 per cent stake in the company.
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While all the objections were struck down by the NCLT, there remains a critical issue insofar as the representatives of TSL are allegedly being intimidated by people close to the former promoter of the company. According to a PTI report, Bank of India (BoI) would be able to realise around Rs 1993 crore from the Tata-Bhushan Steel deal.
The company has received all the approvals and will own 73 per cent in the company.
Further, Rs 1,200 crore will be paid to the operational creditors of BSL over a period of 12 months as per their admitted claims and terms of approved resolution plan. Karanjawala & Co. also assisted in the proceedings through a team led by Senior Partner Ruby Ahuja along with Senior Associate Tahira Karanjawala with support from Sahil Monga.
The buying of 72.65 per cent stake is in accordance with approved guidelines under the corporate insolvency resolution process (CIRP).
Shardul Amarchand Mangaldas advised COC on Corporate insolvency resolution process of Bhushan Steel Limited.
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