Lenders have chosen a consortium led by Dalmia Bharat to take over Binani Cement, despite a close bid by the Aditya Birla groups UltraTech. Dalmia had offered Rs 63.5 billion for Binani Cement, while UltraTech’s financial offer was a tad lower. The lenders meeting was held in Mumbai on Tuesday. This will be the first case under the Insolvency and Bankruptcy Code, 2016, where banks will not have to take a haircut on their loans. A source close to the development said UltraTech had offered a 20 per cent stake to non-secured financial creditors. But the lenders decided to go with Dalmia, which offered more upfront money. Binani Cement had defaulted on debt of Rs 39.76 billion in 2016-20…
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