Sintex Industries approves Reliance Industries’ bid

21 March 2022, Mumbai:

Lenders to the debt-ridden Sintex Industries have approved Reliance Industries’ over Rs 3,650 crore bid for the Gujarat-based company.

RIL, which has partnered with stressed asset buyer Assets Care & Reconstruction Enterprise (ACRE) for the Sintex bid, has also offered a 15% equity to lenders.

The RIL-ACRE resolution plan now needs the approval of NCLT-Ahmedabad.

ALSO READ Sintex Inds: RIL-ACRE revise offer

"As per Resolution Plan of Reliance Industries Limited jointly with Assets Care & Reconstruction Enterprise Limited it is proposed that existing share capital of the company shall be reduced to Zero and the Company will be delisted from the stock exchanges i.e. BSE and NSE," the company said.

RELATED NEWS Bidders for the textile company Sintex have submitted amended resolution plans

"The e-voting on approval of Resolution Plan was concluded on March 19, 2022, at 10.00 pm, and the 100 percent CoC members have duly approved the resolution plan submitted by Reliance Industries Ltd jointly with ACRE," the filing said.

Sintex Industries has also received bids from Welspun Group firm Easygo Textiles, GHCL and Himatsingka Ventures, Shrikant Himatsingka and Dinesh Kumar Himatsingka were placed before the CoC for consideration during the voting process.

Join our community on Linkedin 

CREDITS: TOI MINT NDTV (The news article has not been edited by DFU Publications staff)