‘No negotiations to take over JBF Industries, assets’: RIL denies acquisition reports

2 months ago 194

Reliance Industries denied reports of a takeover of stressed polyester shaper JBF Industries successful consortium with CFM Asset Reconstruction Company (ARC). RIL clarified successful a regulatory filing that determination is nary accusation that needs to beryllium announced to the banal exchanges.

“We would similar to pass you that determination are nary negotiations which are taking spot for Reliance to takeover JBF Industries oregon its assets. The Company evaluates opportunities that travel its mode connected an ongoing basis. There is nary accusation which has not been announced to the banal exchanges and which should person been announced by the Company successful presumption of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,” the institution stated successful a filing.

It added that they person made and volition proceed to marque disclosures successful compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and their agreements with the banal exchanges.

RIL issued the clarification aft a quality tract reported that RIL is apt to instrumentality implicit JBF, citing sources. It added that bankers had sought takeover bids successful July and that CFM ARC is believed to person enactment successful a Rs 825 crore bid for the institution that owes Rs 2,116 crore to its lenders.

Bank of Baroda is the biggest lender with an outstanding magnitude of Rs 500 crore, isolated from Canara Bank, Bank of India, Union Bank of India, IDBI Bank, ICICI Bank, Axis Bank, South Indian Bank, Standard Chartered Bank, Indian Overseas Bank, DBS Bank, IFCI Bank, and ACRE.

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