Adani Enterprises is likely to bid for entire DHFL portfolio

Adani Enterprises has written to the Committee of Creditors (CoC) of Dewan Housing Finance Corp. Ltd (DHFL), expressing its curiosity to bid for your entire portfolio of the troubled firm, in response to two folks conscious of the matter.

The firm has recommended a bid value that’s Rs 250 crore increased than Oaktree’s bid and knowledgeable the CoC that it plans to submit the decision plan subsequent week, the 2 folks stated.

Adani group has additionally despatched a revised bid for the wholesale and slum rehabilitation (SRA) ebook. The firm, which had put in a bid of Rs 2,300 crore for the portfolio, has now raised it to Rs 2,800 crore. This has compelled the CoC to hunt recent bids from all suitors within the second spherical of bidding by Tuesday, in response to the 2 folks cited earlier.

The 4 bidders—the 2 others are Piramal Enterprises and SC Lowy—didn’t reply to emails searching for remark. On 9 November, the bidders submitted revised bids to both choose up a stake within the firm or purchase out property.

Oaktree Capital submitted a revised bid for your entire portfolio at Rs 31,000 crore in comparison with Rs 28,000 crore earlier. Piramal Enterprises revised its bid value for the retail portfolio to Rs 26,000 crore from Rs 15,000 crore earlier. SC Lowy has upped its bid for the non-SRA ebook to Rs 2,300 crore from Rs 1,500 crore earlier.

A day later, the erstwhile DHFL promoter, Kapil Wadhawan, sought a second listening to from lenders to rethink a decision proposal that he had submitted final month.

Wadhawan continued to say that the bids are “abysmally low” and can lead to lack of public cash.

He additionally reiterated his request to the collectors to contemplate the proposal to make full reimbursement to all monetary collectors with none haircut if he’s allowed to run the corporate. He has proposed to switch the rights, title and curiosity in not less than 10 initiatives valued at Rs 43,879 crore and settle the dues with banks.

Currently, promoters maintain about 39.21% stake in DHFL. Bankers need promoters’ stake to fall beneath 10% after the stake sale as a part of the decision plan.

DHFL was the primary monetary companies firm to be despatched to the National Company Law Tribunal (NCLT) underneath the insolvency and chapter code (IBC). In November final yr, the Reserve Bank of India outmoded its board and positioned it underneath a three-member advisory committee comprising Rajiv Lall, govt chairman of IDFC First Bank; N.S. Kannan, managing director of ICICI Prudential Life; and N.S. Venkatesh, chief govt of the Association of Mutual Funds in India.