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DHFL creditors vote for new round of bidding, seek fresh bids by December 14

With the new development in place, DHFL's bidders will now have the option to either choose to submit a fresh bid, or else they can continue with the previous bid submitted on November 17.

December 02, 2020 / 09:08 PM IST
DHFL (File Image: PTI)

DHFL (File Image: PTI)

 
 
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Dewan Housing Finance Corporation Ltd (DHFL) creditors on December 2 voted for a fresh round of bidding. The committee of creditors (CoC) has sought fresh bids from all four bidders by December 14.

With the new development in place, bidders will now have the option to either choose to submit a fresh bid, or else they can continue with the previous bid submitted on November 17.

Rebids for DHFL likely, suitors to get chance to revise offers: Report

Apart from this, bidders have also been given the freedom by DHFL's CoC to bid either for a portion of the loan book or for the entire portfolio. However, the creditors are likely to inform bidders about the rules for rebidding on December 3.

Earlier on Tuesday, reports arrived that most of the creditors of DHFL were leaning towards a rebid for the debt-laden company. Also, bidders included Adani Group, Piramal Group, SC Lowy and Oaktree Capital may get time to revise their bids, added the report.

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In 2019, DHFL became the first non-banking finance company (NBFC) which was taken to the bankruptcy court.

Among other details, CoC have also sought the advise of former attorney general Mukul Rohatgi on if rebids can be done in the current situation considering three bidders are against Adani's new bid.

Initially, Adani had bid for DHFL's wholesale and Slum Rehabilitation Authority (SRA) portfolio, however, the firm submitted an offer for the entire book. Meanwhile, rival groups alleged that Adani had even missed the initial deadline.
Moneycontrol Moderator
first published: Dec 2, 2020 09:00 pm

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