Adani Group Bids for DHFL's SRA Portfolio & Entire Book
Gautam Adani's outbid US-based Oaktree with a Rs 33,000 crore bid for collapsed housing lender, DHFL. Four entities - Adani Group, Piramal Group, US-based asset Management Company Oaktree Capital Management and SC Lowy - submitted bids for DHFL in October, sources with DHFL lenders and industry said. Adani Group, which had initially bid only for DHFL's wholesale and Slum Rehabilitation Authority (SRA) portfolio, in the revised offer submitted on November 17 bid for the entire book, offering a total of Rs 30,000 crore plus interest of Rs 3,000 crore. This was more than Rs 28,300 crore offered by Oaktree, they said adding the US firm's conditional bid had outlined that it would hold back Rs 1,000 crore on insurance claims. DHFL was the first finance company to be referred to NCLT by the RBI using special powers under section 227. As of July 2019, the company owed Rs 83,873 crore to banks, the National Housing Board, mutual funds and bondholders.
Tags : ALLIED Piramal Group RBI DHFL Adani Group