Adani likely to vie for entire DHFL portfolio through a sweetened bid
Adani likely to vie for entire DHFL portfolio through a sweetened bid – Bidding for the whole portfolio of the bankrupt company, Adani group has offered to further enhance its bid for the Dewan Housing Finance Corporation Ltd (DHFL).
According to the report, Adani Group representatives had a gathering with the lenders on Friday on the matter where-in they offered to pay more than the bidding amount pegged by Oaktree, the very best bidder thus far. The organization has also written to the lenders — Committee of Creditors (CoC) — on an equivalent.
The company is probably going to submit a revised bid within the next few days, said people within the know.
Oaktree has offered a revised bidding price of Rs 33,000 cr for the whole portfolio of DHF to distribute Rs 250-300 cr more, compared to the offer offered by Oaktree, people within the knowledge idea, said to propose a bid for the wholesale and Slum Rehabilitation Authority (SRA) asset portfolio. Earlier in the week, it had revised its bid for the 2 portfolios to Rs 3,000 crore, as against the sooner bid of Rs 2,250 crore.
However, now it wants to travel for the whole portfolio of DHFL, including the retail segment.
Adani Group, however, didn’t answer an issue sent by IANS on the matter after Kapil Wadhawan, the promoter of DHFL wrote to the RBI-appointed administrator of DHFL, R. Subramaniakumar, claiming that the revised bids received for the resolution process are “abysmally low” and that they would end in a haircut of around 60 percent.
As the promoters had in September 2019 proposed a resolution plan that was accepted by all the banks including the National Housing Bank (NHB) which provided for 100% principal repayment to each creditor and also payment of entire interest thanks to particular categories of creditors. that they had also submitted the decision to the administrator.
Sources on the brink of Wadhawan said that the four bidders have enhanced their bids because the promoters are stuck to the resolution plan with none and their stand stronger than anticipated” and can help in better assessment of the assets, Wadhawan had written in his last letter to the administrator: “If I’m provided access to the records and documents of the organization, I will be able to be during a position to form a propose assessment basis the newest numbers and make a proposal beginning the required upfront and credit components which can provide maximum value realization for all stakeholders.”
According to him, the bids will only end in a massive loss of public money and can substantially benefit a couple of projects.
Apart from Adani & US-based Oaktree, Piramal Enterprises & Hongkong-based SC Lowy are in the fray for DHFL’s assets.
Last month, Wadhawan had offered the monetization of his family’s properties which he says are worth around Rs 43,000 crore for repayment towards the lenders.
Later, Subramaniakumar, the RBI-appointed administrator for DHFL in response to his letter said that Wadhawan’s offer to help the resolution process through monetization of his family and private assets is predicated on untenable legal grounds and therefore the property values as stated by Wadhawan are grossly inflated.
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