Adani Group outbid US-based asset management company Oaktree Capital with Rs 33,000 crore bid for Dewan Housing Finance Corporation Ltd. (DHFL), but rival bidders want Adani to be out of the race for missing the deadline. The group denies saying that the followed due process and the “cartel” wants to prevent the maximum valuation of DHFL.
In October, Adani Group, Piramal Group, Oaktree Capital Management and Hong Kong-based SC Lowy are the four entities which have submitted bids for the collapsed housing lender, DHFL. But, DHFL wanted suitors to revise their bids as the original offers made by them were less to recover the lender’s unpaid loans.
Adani Group has initiated the bid only for the DHFL’s wholesale and Slum Rehabilitation Authority (SRA) portfolio and on 17 November, submitted the revised offer of Rs 30,000 crore with an additional interest of Rs 3,000 crore. Adani’s revised bid was more than that offered by Oaktree Capital of Rs 28,300 crore which was a conditional bid of holding back Rs 1,000 crore on insurance claims. While Piramal Group quoted Rs 23,500 crore for DHFL’s retail portfolio and SC Lowy offered Rs 2,350 crore for DHFL’s SRA portfolio.