Adani Group offers unexpected bid for DHFL

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Dewan Housing Finance Corporation Limited (DHFL), the non-banking financial company, primarily involved in providing the home loan is facing a cash crash since September after the IL & FE  ( Infrastructure Leasing and Finance services ) crisis emerged during which DHFL stock took a hammering. This further worsened the situation when Cobrapost claimed that the company’s promoters were involved in a scam to siphon off money.

Now the company’s lenders are calling for fresh bids after being offered a surprisingly higher price for their company’s assets by Adani Group. It was this move from Adani Group that spurred the other enterprises for submitting bids. Other entities include Piramal Group, US-based asset management company Oaktree Management ad SC Lowry.

The report said that Piramal enterprises have offered Rs. 25,000 crores for DHFL’s retail book, while Oaktree submitted a bid for Rs. 31,000 crores for the entire company and Adani had offered a bid around Rs. 2,700 crore for the wholesale or slum redevelopment authority (SRA) books only, but after considering Oaktree’s bid Adani group decided to bid Rs. 250 crores than that has Oaktree offered for the entire firm.

Piramal and Oaktree have expressed their objection regarding Adani Group’s bid and State Bank of India (SBI) being the main creditor of DHFL, Piramal Group has written a letter to, SBI seeking anonymity in Adani Group’s bid at the auction. Considering this the Committee of Creditors (CoC) is planning to reopen the stage for final bidding in which any bidder can join and place their fresh bid or revise their bids for acquiring DHFL. All prospective applicants are given equal opportunity to place their revised bid.

Piramal Enterprises have specified in the letter that they would consider withdrawing from the auction if Adani Group’s offer gets unfair acceptance, Piramal clarified that one of the resolution applicants have also submitted an unsolicited offer to SBI and the Creditors’ Committee (COC) after the deadline, for which Adani offered to revise the resolution plan. The voting is supposed to happen in the next week for identifying the potential buyer for DHFL.

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