DHFL locked in 5% upper circuit as reports suggest lenders are seeking higher price for assets/stake

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Shares of Dewan Housing Finance Corporation (DHFL) were locked in a 5 percent upper price band at Rs 24.60 in the morning trade on BSE on November 25.

Shares of the company gained traction after media reports suggested that lenders to the company are seeking fresh bids and the company's committee of creditors (CoC) may vote on November 25 to decide on it.

Weeks ago, media reports quoted suitors for the non-banking finance company raised their offer price in the revised bids submitted for the company.

Adani Group, Piramal Enterprises, US-based Oaktree and Hong Kong-based SC Lowy submitted 10-70 percent higher price for either a stake in the company or buying out some of its assets.

Read more: Adani, Piramal, others revise offers for DHFL

Later, CNBC-TV18 reported that Piramal Enterprises asked the CoC to reject Adani Properties' proposal to bid for the entire portfolio of DHFL or it would withdraw from the process.

Read more: Piramal protests against Adani's surprise proposal to bid for entire company

The Reserve Bank of India (RBI) had in November 2019 referred DHFL to the National Company Law Tribunal (NCLT) for insolvency proceedings. It was the first non-banking finance company (NBFC) to be taken to the bankruptcy court.