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DHFL lenders seek higher bids by Oct 31 after CoC meet
DHFL has received bids from Adani Group, Piramal Enterprises, US-based Oaktree and Hong Kong-based SC Lowy to either pick a stake in the company or buy out assets.
Lenders to debt-ridden Dewan Housing Finance Corp. Ltd (DHFL) have asked the four bidders for the company to get back with a revised offer by October 31 as part of the ongoing resolution process, according to a person familiar with the matter.
DHFL has received bids from Adani Group, Piramal Enterprises, US-based Oaktree and Hong Kong-based SC Lowy to either pick a stake in the company or buy out assets.
The lenders’ decision comes after the committee of creditors met on Monday.
“We are looking at a much-improved bid, at least as much as 2X times the initial bid offer. The bids will have to come in by October 31, after which the CoC (committee of creditors) will need to finalise the resolution plan and send it to RBI (Reserve Bank of India) by November 16. RBI will take at least 45 days to give its approval and then send it to NCLT (National Company Law Tribunal),”’ said the person. “We don’t have time for seeking fresh bids as there are tight timelines.”
US-based asset management firm Oaktree has made an offer to take over the entire company for ₹28,000 crore while Piramal has bid for the retail books for ₹15,000 crore. Adani Group is keen on the construction finance and slum redevelopment area books and has offered around ₹3,000 crore while SC Lowy wants to take over the construction finance books.
The Wadhawans, erstwhile promoters of DHFL, had proposed to transfer the rights, title and interest in at least 10 projects valued at ₹43,879 crore and settle the dues with banks. A Press Trust of India (PTI) report dated October 19 said the erstwhile promoters have written to RBI- appointed administrator R Subramaniakumar saying their offer would ensure maximum value for the assets that have been put on the block.
“CoC is not considering this offer made by the promoters,” added the person cited above.
Meanwhile, the housing finance company has been seeing an improved recovery in its business after it retrieved nearly ₹1,100 crore in September through repayments and balance transfers.
