M&A

M&A

Padmini car maker Premier Ltd to be acquired by Fab Metals under insolvency

Economic Times  

Premier Ltd, known for manufacturing Premier Padmini cars popular in pre-liberalisation days, will be acquired by Chennai-based Fab Metals Pvt Ltd under the insolvency process. The firm's lenders are expected to recover about one-fifth of their dues following the sale of the company. Nearly 92% of the lenders by value voted in favour of Fab Metal's plan early this week. The engineering company has proposed to make payments to lenders within 90 days of the plan being approved by the National Company Law Tribunal (NCLT. The resolution professional, Kanak Jani received seven proposals last month. These included offers from Shanti GD Ispat & Power Private Ltd, Sadhana Nitro Chem Ltd, Bommidala Enterprises Pvt Ltd, Palika Towns LLP, Runwal Developers Pvt Ltd, Fab Metals Pvt Ltd, and Fortuna Engi Tech and Structurals (India) Pvt Ltd.