Adani’s surprise bid sparks new auction for India’s DHFL

///Adani’s surprise bid sparks new auction for India’s DHFL

Adani’s surprise bid sparks new auction for India’s DHFL

by India Global Business Staff

Dewan Housing Finance Corp’s lenders are likely to seek fresh bids for the company’s assets as early as Tuesday after Adani group unexpectedly offered a higher price, Mint newspaper reported on Tuesday, citing two people with knowledge of the matter.

Four entities – Adani group, Piramal Group, U.S.-based asset management company Oaktree Capital Management and SC Lowy – submitted bids for DHFL in October, according to Business Standard.

The sale process took a turn when Adani decided to bid 2.5 billion rupees ($33.63 million) more than Oaktree for the assets of DHFL after the deadline for submitting revised bids ended on Nov. 9, Mint reported, citing sources.

DHFL, which was once one of India’s top “shadow” lenders, accumulated total debts of almost 1 trillion rupees and then failed to honour dues to its creditors.

2020-12-11T05:34:48+00:00November 17th, 2020|News in Brief|

About the Author: India Global Business Staff