DHFL put for bid for fourth time, Piramal marked as highest bidder

Talks have it that Piramal Group has offered bid worth Rs 35000 crores to buy Dewan Housing Finance Corporation and it is said to be the highest bid offered. Previously, Piramal had offered bids only for its retail assets.

Matter experts said that Piramal’s bid ranks higher than the bids offered by Adani and Oaktree.

Adani had offered a bid worth Rs 33,000 crore whereas Oaktree raised its offer by about 10 percent and bid Rs 34,000 crore, making Piramal, possibly the successful bidder if the lenders are to abide by the principle of recovery maximisation which forced them to call for bids for the fourth time.

S C Lowly backed out from buying DHFL since the creditors kept changing the sale process structure to maximise the recovery for them. If Piramal successfully achieves the company, it can become Mumbai Real estate market’s most dominant player.

“As indicated earlier, Piramal separately put up bids for retail assets while Adani expressed interest for wholesale and slum rehabilitation project loans,” a senior executive, whose organization lent to the home financier, told Economic Times.

“Separate revised bids to own retail and institutional assets are little different from earlier offers,” sources added.

Dewan Housing Finance’s administrator has already sent out formal letters to the four existing bidders of the troubled mortgage financier, asking them to send in revised purchase offers for the fourth time. Potential buyers are required to respond by December 14.

Subscribe to our newsletter
Subscribe to our newsletter
Sign up here to get the latest news delivered directly to your inbox.
You can unsubscribe at any time