Lenders to the bankrupt Binani Cement have decided that a a Dalmia Bharat-led bid would be allowed, thereby overruling the objections of UltraTech Cement. The offer fulfilled all of the conditions and hence there is no reason to block it, reports a source for The Economic Times.

At a meeting held in Mumbai on Wednesday, the lenders involved decided to seek the approval of their respective boards on the Dalmia-Bain bid, where it was also revealed that Dalmia had received CCI approval for the plan.

UltraTech Cement
UltraTech has since raised its offer to buy the company by INR7bn (US$107m). Atul Daga, CFO, has contacted the appropriate resolution professional about its decision to increase the bid, but is yet to receive a response.

"This higher bid shows that we are a serious bidder and we are not trying to stall the process," said Mr Daga.