Oaktree, Piramal, Adani submit revised bids for DHFL

DHFL

MUMBAI: In the latest round of bidding for assets of Dewan Housing Finance Corporation Ltd (DHFL) on Monday, three of the four bidders submitted revised offers to acquire the entire business of the troubled mortgage financier, according to two people aware of the matter.

Oaktree Capital has bid ?32,700 crore, While Piramal has offered ?32,350 crore and Adani ?29,860 crore to buy the entire portfolio of DHFL. SC Lowy, the fourth bidder, has made no changes to its offer.

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Adani Group has also submitted a separate offer for the wholesale and slum rehabilitation projects controlled by DHFL. Piramal Group, too, has submitted a fresh bid for the retail assets controlled by the home financier, apart from its offer for the full loan book.

Revised bids were called after Adani’s unsolicited offer to buy the entire company instead of the select assets it had bid on earlier.

In the previous round, Oaktree Capital had bid ?31,000 crore for the entire portfolio, while Piramal Enterprises had offered ?26,000 crore. Adani had bid ?2,700 crore for the wholesale and SRA book and SC Lowy has upped its bid for the non-SRA book to ?2,300 crore from ?1,500 crore earlier.

But, in a sudden move, Adani decided to bid ?250 crore more than Oaktree for the entire firm, which led to lenders calling for the fourth round of bidding.

DHFL’s outstanding loan book stands at ?67,000 crore, which includes wholesale loans worth ?40,000 crore, retail loans worth ?17,000 crore and delinquent loans worth ?10,000 crore. The company went under insolvency in November last year, after the Reserve Bank of India asked lenders to initiate proceedings.

News Source:- Livemint

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