Piramal to exit if Adani Group wins DHFL bid

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Adani Group’s last-minute surprise bid during the Diwali weekend for DHFL’s entire assets has upset the Piramal group, which has threatened to exit the race altogether if Adani Group’s bid is accepted. Adani has pipped Oaktree and Piramal by bidding higher than them, as earlier, they had bid only for the wholesale book.

In the bids submitted earlier, Oaktree had bid Rs 31,000 crore for the entire company whereas Piramal had bid Rs 25,000 crore for the retail books of DHFL. Adani had bid around Rs 3,000 crore for the book of the wholesale/slum redevelopment authority. But in the unexpected turn of events, Adani decided to bid Rs 250 crores more than Oaktree for the entire DHFL.

The Piramal Group, who have been caught off guard by the development, has requested the committee of creditors to disregard Adani Group’s new offer and has threatened to seek legal redressal if that is not done.

Bankers have stated that they are not excited by the offers of Piramal and Oaktree and would prefer a bidder who puts up more money into it. Besides, the offer put forward by Oaktree that it is liable to withdraw from the process anytime if it finds any loopholes in the books has kept the bankers worried.

“Oaktree was offering only around Rs 1,000 crore upfront fromits pocket while the rest was DHFL’s cash, to be given after a few years. The banks would prefer a buyer who can offer a higher cash component now,” a banker acquainted with the developments stated.