By Ankur Mishra
The committee of creditors (CoC) of Dewan Housing Finance Corporation (DHFL) will meet on December 18 to talk about bids submitted by the suitors, sources close to the improvement told FE. Three out of 4 shortlisted bidders had earlier submitted bids in the newest round. While Oaktree Capital had presented a total of Rs 36,646 crore, Piramal Enterprises had presented Rs 35,550 crore for the whole book of DHFL. Adani Properties had submitted a total bid of Rs 33,110 crore. The fourth suitor, SC Lowy, has not submitted any fresh bid in the fourth round.
Voting on the resolution program is anticipated to start by December 22-23. Sources close to the improvement stated, “Lenders will evaluate bids from all parameters, which include net present value (NPV), cash upfront.”
FE had reported earlier that Piramal Enterprises was providing to spend Rs 1,054 crore more as money upfront than Oaktree capital in the newest round of bidding. Piramal Enterprises has presented to spend Rs 12,700 crore, when Oaktree is prepared to make a money payment of Rs 11,646 crore. Adani Properties has presented a money payment of Rs 10,750 crore in its bid. While Oaktree has presented to spend Rs 21,000 crore of debt more than seven years, Piramal Enterprise has stated it will spend Rs 19,550 crore in 10 years. Adani Properties has presented to convert Rs 19,110 crore into debt, payable in seven years.
Lenders will also evaluate bids submitted by the suitors to obtain DHFL in components. Apart from bidding for the entire corporation, two shortlisted bidders have also submitted bids in the fourth round to obtain DHFL in components. Adani Properties has submitted a bid to obtain only the wholesale and slum redevelopment authority (SRA) books of DHFL. Similarly, Piramal Enterprises has submitted a bid to obtain retail assets of the troubled lender.
CoC had earlier referred to as for fresh bids, with no opening these submitted in the third round soon after the National Company law Tribunal (NCLT) stayed the resolution proceedings on a petition filed by the National Housing Bank (NHB). Later, the CoC agreed to look at the bids submitted in the third round, even as there was an selection to boost their delivers in the fourth round.
The admitted claims of economic creditors from DHFL are at Rs 87,120 crore as on September 10. State Bank of India is the lead creditor with claims of Rs 10,083 crore, followed by Bank of India, which has claimed Rs 4,126 crore. Among other folks, Canara Bank and NHB have claimed Rs 2,682 crore and Rs 2,434 crore, respectively. DHFL has been undergoing insolvency proceedings at the NCLT in Mumbai due to the fact December 3.