Deal Highlights:

• Acquisition of controlling stake (90%) in RFTL under IBC process by Tata Steel Mining Ltd. (‘TSML’), a wholly owned subsidiary of Tata Steel Ltd.
• TSML has funded ₹ 6,171 mn towards – settlement of admitted claims of ~₹42,000 mn from financial & operational creditors & CIRP cost
• Additional ₹ 1,640 mn would be infused by TSML towards capex & operations
• Financial creditors would also be issued 10% equity towards part conversion of their debt
• Resolution Plan was approved with 100% voting share of Committee of Creditors (‘CoC’)
• 5 bidders had submitted their Resolution Plan for RFTL

Our Contribution:

• Identified potential investors & generated strong bidder participation despite COVID induced challenges
• Assisted RP w.r.t finalization of Evaluation Matrix & RFRP, analyzing Resolution Plans
• Assisted RP in carrying out evaluation/assessing the commercial feasibility & viability of Resolution Plans
• Facilitated negotiation strategy with RP / COC for maximization of bid value & transaction structure