DHFL suitors submit revised bids

By Ankur Mishra

All four bidders for the troubled mortgage lender Dewan Housing Finance Corporation (DHFL) have submitted revised bids, sources close to development told FE.

Oaktree Capital has submitted a revised bid of Rs 30,985 crore for all the assets of the company, against its earlier offer of Rs 28,000 crore. The other three bidders have submitted their bids for acquiring the company in parts. Lenders had earlier asked suitors to better the offers as bids were below expectations. The committee of creditors (CoC) may consider revised bids by next week.

According to sources, the other suitor, Piramal Group has revised its bid for the retail book to Rs 25,000 crore from Rs 12,000 crore offered earlier. Adani Properties has also increased its bid for the wholesale book to Rs 2,700 crore, compared to Rs 2,200 crore offered earlier. Adani Properties has also offered to pay Rs 50 crore for the slum redevelopment authority (SRA) book. The fourth suitor, SC Lowy, has increased its offer to rs 2,250 crore from for the wholesale book. However, there are many conditions attached with the offer of SC Lowy as per sources.

The mortgage lender had given applicants the option to bid for the whole company or in parts. DHFL had earlier shortlisted 22 applicants for the company, which was further narrowed down to four suitors.

The admitted claims of financial creditors from DHFL stood at Rs 87,120 crore as on September 10. State Bank of India is the lead creditor with a claim of Rs 10,083 crore, followed by Bank of India, which has claimed Rs 4,126 crore. Canara Bank has claimed Rs 2,682 crore and National Housing Bank (NHB) has claimed `2,434 crore from DHFL, among other lenders.

DHFL has been undergoing insolvency proceedings at the NCLT in Mumbai since December 3, 2019.