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Tag: IFCI

IFCI recovers Rs 280 crore from Bhushan Steel

IFCI recovers Rs 280 crore from Bhushan Steel

Finance
NEW DELHI: Infrastructure lender IFCI has recovered Rs 280.30 crore and has been allotted over 5.79 lakh equity shares of debt-ridden Bhushan Steel (BSL), which has been acquired by Tata Steel, under the insolvency process. "IFCI as one of the financial creditors to BSL had filed its claim with the resolution professional which was duly accepted. Under the resolution plan (RP) envisaging payment of Rs 35,200 crore to all the financial creditors, IFCI has since received its share of Rs 280.30 crore," IFCI said in a BSE filing. Further, as part of the RP, IFCI said it has also been allotted 5,79,277 fully paid up equity shares of BSL having face value of Rs 2 per share. The company, however, did not share the total outstanding amount. In June last year, RBI's internal advisory committee (IAC...