Another company can be added in the name of Mukesh Ambani. It is reported that the consortium of Reliance Industries Limited, Asset Care and Reconstruction Enterprise Limited (RIL-ACRE) is taking over the bankrupt company Syntex Industries Limited and it has reached the final stage. According to an ET report, the RIL-ACRE consortium’s bid to acquire Sintex Industries Ltd has received over 90% support from lenders.
These companies had placed bets
Sources with knowledge of the matter said that the voting on the bids for the textile company closed on Saturday evening and the results were declared late in the night. The other three bidders were Welspun Group firms Easygo Textiles, GHCL and Himatsingka Ventures. RIL-ACRE had made the highest bid of ₹3,651 crore as part of a scheme that includes payments to lenders, business creditors and employees. RIL-ACRE’s offer also includes 15% equity for verified lenders, which made the offer attractive.
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what is the matter
Syntex Industries had told the stock exchanges on February 2 that the revised resolution plans received from all potential resolution applicants (PRAs) would be evaluated by an interim resolution professional and then placed before the committee of creditors. The National Company Law Appellate Tribunal (NCLAT) was also informed in January about the progress of Syntex Technologies’ Corporate Insolvency Resolution Plan (CIRP). Explain that the case filed by former promoter of Syntex Industries Amit Dineshchandra Patel against the order of Ahmedabad Bench of National Company Law Tribunal (NCLT).
what does the company do
Syntex Industries Limited provides fabric for premium global brands. Global brands include clients like Armani, Hugo Boss, Diesel, Burberry. Syntex Energy was dragged into insolvency proceedings by Invesco Asset Management. The company was to make a principal amount and interest repayment of 15.4 crores on NCDs (Non Convertible Debentures), in which the process was initiated after default.
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company share price
Shares of Syntex Industries Limited closed at Rs 8.25 on the NSE on Thursday. Selling dominated the stock in the last one month. It saw a fall of 5.17% in five sessions. However, in the last six months, the stock has seen a rise of 120 per cent.