DHFL lenders vote in favour of fresh bids

By Ankur Mishra, 

Lenders to Dewan Housing Finance Corporation (DHFL) have voted in favour of a fresh round of bidding. The four shortlisted bidders will have time till December 14 to submit bids, sources close to development told FE. The voting on the resolution to invite fresh round of bids concluded late Wednesday evening. The four shortlisted bidders for DHFL are: Oaktree Capital, Adani Properties, Piramal Enterprises and SC Lowy.

FE had earlier reported that the CoC had agreed to consider bids submitted in the third round by bidders on November 17, even as there is an option to improve their offers in the fresh round. Lenders had earlier decided not to open third round of bids on November 17, after the National Company law Tribunal (NCLT) stayed the resolution proceedings on a petition filed by the National Housing Bank (NHB). NHB’s petition claimed priority over other creditors. Lenders had also proposed to set aside the amount of claim by the NHB, pending the outcome of the case at the NCLT.

Lenders had last opened bids submitted by the four shortlisted bidders after the second round of bidding on November 9. While Oaktree Capital had submitted a bid of Rs 31,000 crore for all the assets of the company, the other three bidders had submitted their bids for acquiring the company in parts during the second round of bidding.
Later, Adani Properties offered Rs 31,250 crore for acquiring the whole book of DHFL, just before the third round of bidding on November 17. The other three bidders opposed Adani’s last-minute bid and threatened to withdraw from the bidding process.

The admitted claims of financial creditors from DHFL stood at rS 87,120 crore as on September 10. SBI is the lead creditor with a claim of Rs 10,083 crore.