4 bidders including Adani, Piramal submitted bids for DHFL, lenders may have to write off more than Rs 60,000 crore

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October 17 was the final date for submission of bids for DHFL.

  • The 4 bidders embody Adani Group, Piramal Enterprises, Oaktree of US and SC Lowy of Hong Kong
  • DHFL is the primary monetary providers firm to be despatched by RBI within the insolvency technique of NCLT.

4 bidders including Adani Group and Piramal Enterprises have submitted bids to purchase DHFL’s. The final date for submission of the ultimate bid was 17 October. Sources mentioned US firm Oaktree and Hong Kong firm SC Lowy submitted bids on the final day.

In November, the Reserve Bank of India (RBI) referred DHFL to the National Company Law Tribunal (NCLT) for the insolvency course of. DHFL is the primary monetary providers firm to be despatched by RBI within the insolvency technique of NCLT. It was despatched to the LCLT course of by RBI utilizing the particular powers given beneath Sections 227. Prior to being despatched to NSLT, the corporate’s board was neutralized and R Subramaniakumar, who can be a decision skilled beneath the Insolvency and Bankruptcy Code (IBC).

The bid worth of Oaktree is Rs 20,000 crore and money in hand is Rs 10,000 crore.

According to sources, Oaktree has submitted bids for all the firm. Its bid worth is Rs 20,000 crore and money in hand is Rs 10,000 crore towards the sanctioned legal responsibility of Rs 95,000 crore. Therefore, State Bank of India (SBI) led lenders will have to write off Rs 65,000 crore on accepting Oktree’s bid.

Adani bid for Rs 40,000 crore wholesale and slum rehabilitation authority portfolio

According to sources, the Adani Group has made a bid of Rs 3,000 crore for DHFL’s Rs 40,000 crore Wholesale and Slum Rehabilitation Authority (SRA) portfolio. Piramal Enterprises has made a bid of Rs 12,000 crore for the retail portfolio of DHFL and has demanded an 18% yield. According to bankers, SC Lowy’s bid accommodates so many circumstances that it’s not anticipated to be thought-about.

SBI is the lead banker with an publicity of over Rs 10,000 crore.

Bankers imagine that by resolving DHFL by NCLT, they are going to have to write off on a big scale and enhance their NPA by over Rs 60,000 crore. SBI is a lead banker with an publicity of over Rs 10,000 crore. LIC and EPFO ​​may even have to write off about Rs 10,000 crore.

DHFL owed a debt of Rs 83,873 crore in July 2019

In July 2019, the corporate had money owed of Rs 83,873 crore owed by banks, National Housing Board, mutual funds and bondholders. The authorities had given power to the RBI on 15 November 2019 that it may ship giant monetary providers firms different than banks to NCLT for the insolvency course of.

Many frauds occurred in DHFL

According to final month’s submitting, Transaction Auditor Grant Thornton reported that DHFL had reported fraudulent quantities of Rs 17,394 crore throughout FY 07 to FY 19. Due to the fund diversion executed by the promoters, the lenders had put the DHFL account within the class of fraud. Another fraud of Rs 12,705.53 crore was detected within the forensic audit. Grant Thornton was additionally recognized with a 3rd fraud earlier this month. The third fraud was Rs 2,150.84 crore, which undervalued the worth of the insurance coverage subsidiary of DHFL.

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