UltraTech Cement on Monday said its board had approved a comfort letter for an amount of Rs 7,266 crore to be given to promoters of Binani Cement signifying its intent to buy a 98.47% stake in the company. The purchase can go through either if insolvency proceedings, under the purview of the IBC (Insolvency and Bankruptcy Code), against Binani Cement are terminated or the National Company Law Tribunal (NCLT) permits Ultratech’s revised bid to be considered.