Piramal could make highest bid for DHFL
Real Estate

Piramal could make highest bid for DHFL

The Piramal Group is being touted to have offered the highest buying bid of Rs 355 billion for the bankrupt finance company, Dewan Housing Finance Ltd (DHFL. Earlier, only the firm’s retail assets had been bid for by them. Two sources close to the development told a prominent business daily that the group’s bid is higher than the previous two offers that were submitted by the Adani Group and by stressed asset fund, Oaktree.

While Adani’s offer rests at Rs 330 billion, Oaktree has hiked its bid by about 10 % to round up its offer at Rs 340 billion. This stands to announce Piramal as the successful bidder provided the lenders happen to abide by the principle of recovery maximisation, the source commented.

At the back of persistent backpedalling stemming from creditors who kept changing and modifying the inherent architecture of the sale process with the view of maximising the recovery for them, S C Lowy opted out of the race to place a buying bid for DHFL. If Piramal emerges successful in buying the bankrupt firm, it could stand to become the most dominant player in Mumbai, India’s most expensive real estate market.

While Adani was more inclined towards slum rehabilitation project loans and wholesale loans, Piramal put up bids separately for the troubled mortgage financier’s retail assets, a senior executive whose firm lent to the home financier told sources.

The four existing bidders have already been issued formal letters by Dewan Housing Finance (DHFL)’s administrator, who is looking forward to revised purchase offers for the fourth time now. Restoring business normalcy at DHFL is now the foremost priority of the central-bank appointed administrator.

Image Source

The Piramal Group is being touted to have offered the highest buying bid of Rs 355 billion for the bankrupt finance company, Dewan Housing Finance Ltd (DHFL. Earlier, only the firm’s retail assets had been bid for by them. Two sources close to the development told a prominent business daily that the group’s bid is higher than the previous two offers that were submitted by the Adani Group and by stressed asset fund, Oaktree. While Adani’s offer rests at Rs 330 billion, Oaktree has hiked its bid by about 10 % to round up its offer at Rs 340 billion. This stands to announce Piramal as the successful bidder provided the lenders happen to abide by the principle of recovery maximisation, the source commented. At the back of persistent backpedalling stemming from creditors who kept changing and modifying the inherent architecture of the sale process with the view of maximising the recovery for them, S C Lowy opted out of the race to place a buying bid for DHFL. If Piramal emerges successful in buying the bankrupt firm, it could stand to become the most dominant player in Mumbai, India’s most expensive real estate market. While Adani was more inclined towards slum rehabilitation project loans and wholesale loans, Piramal put up bids separately for the troubled mortgage financier’s retail assets, a senior executive whose firm lent to the home financier told sources. The four existing bidders have already been issued formal letters by Dewan Housing Finance (DHFL)’s administrator, who is looking forward to revised purchase offers for the fourth time now. Restoring business normalcy at DHFL is now the foremost priority of the central-bank appointed administrator. Image Source

Next Story
Infrastructure Urban

Choice Consultancy Wins Rs 634.7 Million Public Sector Projects

Choice Consultancy Services Pvt Ltd, the public sector advisory arm of Choice International Ltd, has secured two major project developments totalling approximately Rs 634.7 million (inclusive of GST), further solidifying its role in public sector transformation and infrastructure planning across India.The company has received a work order worth Rs 528 million from the Maharashtra Institution for Transformation (MITRA), under the Government of Maharashtra. This assignment, part of the World Bank-backed MahaSTRIDE Programme, involves setting up District Strategic Units (DSUs) across the Chhatrap..

Next Story
Infrastructure Urban

Shalibhadra Finance FY25 Profit Jumps 34% Year-on-Year

Shalibhadra Finance Limited, a leading two-wheeler financing company with a deep presence in Gujarat, Maharashtra, and Madhya Pradesh, has reported a 34 per cent year-on-year rise in net profit for FY25, reaching Rs 160 million. The company’s performance was supported by disciplined lending, cost efficiency, and robust asset quality.Financial Highlights – FY25:Net Profit: Rose 34 per cent year-on-year to Rs 160 million. Q4 FY25 profit also increased by 34 per cent to Rs 44 million.Net Interest Income (NII): Up 13 per cent YoY to Rs 295.8 million for the full year and 16 per cent to Rs 84.3..

Next Story
Infrastructure Transport

Court Orders Uttarakhand PWD to Pay Rs 172 Million to MBL

The Commercial Court in Dehradun, Uttarakhand, has directed the Public Works Department (PWD), Government of Uttarakhand, to pay Rs 172.4 million to MBL Infrastructure Ltd. in accordance with an arbitration award dated 23 March 2024. The case pertains to a completed road project under Package No. 5 for the improvement and strengthening of state roads in Nainital and Udham Singh Nagar districts.The arbitration tribunal had issued a unanimous award in favour of MBL Infrastructure Ltd., granting a payment of Rs 172.4 million, which includes interest accrued up to the date of the award. Additional..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?