M&A

M&A

Rimjhim Ispat acquires bankrupt BRG Iron & Steel in auction for Rs.530-Cr

Economic Times  

Rimjhim Ispat has acquired BRG Iron & Steel for INR 530 crore at an auction held by the liquidator, paying more than what it had offered for the same company during the pre-Covid period under a court-monitored debt resolution process. When Rimjhim Ispat made the first bid, it had offered INR 500 crore under the debt restructuring process, but the offer was rejected by 98% of BRG Iron's financial creditors. Consequently, the National Company Law Tribunal (NCLT) ordered liquidation in February 2020.