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The company is grappling with debt problems. Many companies, including the Adani Group, are lining up to buy Vadraj Cement. According to an ET report, Sajjan Jindal’s company JSW Cement along with Adani Group company, ArcelorMittal Group are strong contenders to buy Vadraj Cement. The company will be sold under the bankruptcy and insolvency code process.
Investors pounced on the IPO as soon as it opened, fully subscribing within the first hour
There is also a High Court order
In 2018, the Bombay High Court ordered the closure of Vadaraj Cement to pay the dues of Boomer Technology India. According to a person familiar with the matter, the court was very disappointed with the process of selling the company’s assets. After which he agreed to transfer the company’s debt resolution process to the IBC.
The second IPO opens on November 22, be prepared to bet
A statement has not been issued by the companies
On September 4, the High Court transferred the matter to the NCLT on the bank’s plea. The company’s lender suggested appointing EY’s Pulkit Gupta as an interim professional for the insolvency process. No official statement has yet been released on the matter.
Banks from which loans have been taken
The lender expects the betting company to collect Rs. 2000 crore to Rs. 2500 crores can be obtained. At the same time, the total debt on Vadaraj Cement stood at Rs. 7000 crores. The company’s lenders include Punjab National Bank, Union Bank of India, Central Bank of India, Indian Overseas Bank, Bank of India, Bank of Baroda, UCO Bank and Yes Bank. Let us tell you that Vadraj Cement has the capacity to produce 10 thousand tons per day.