Three bidders in fray to acquire Morarjee Textiles
Ashok Piramal Group's Morarjee Textiles has received three bids to take over the company in a court monitored bankruptcy process, people familiar with the details said. Morarjee owes creditors, led by Indian Bank, ₹760 crore.
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Last month, resolution professional Ravi Sethia received bids from Mumbai-based realtor Dev Land and Housing, Nagpur-based Nirmal Ujjwal Credit Co-operative Society, and Wardha-based Shriniwas Spintex Industries.
«The bids are between ₹100 crore and ₹170 crore. Nirmal Ujjwal, which also runs a textile plant, is the highest bidder with a bid of close to ₹170 crore, excluding the process costs. Roughly ₹140 crore is for secured creditors,» said one of the persons cited above.
At ₹170 crore, the recovery works out to 22%.
Sethia, all three bidders and process advisor to the committee of creditors, BoB Capital Markets, did not reply to separate emails seeking comment.
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