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Adani, Piramal, Oaktree Capital & SC Lowy submit bids for DHFL

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DHFL is the first financial services company where lenders are attempting a resolution via the Insolvency and Bankruptcy Code.

As many as four suitors have placed firm bids to acquire Dewan Housing Finance Limited (DHFL) ahead of the deadline expiry later today, four people in the know confirmed to CNBC-TV18.
Hong Kong-based SC Lowy was the first one to submit a bid today and has made an offer to acquire DHFL’s wholesale assets, as per people in the know. Gautam Adani-led Adani Properties has also submitted a bid to acquire the wholesale portfolio, CNBC-TV18 has learnt.
Piramal Enterprises submitted a bid to acquire DHFL’s retail assets, said another person quoted earlier. He added that US-based distressed asset fund Oaktree Capital has submitted a bid to acquire the entire book.
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CNBC-TV18 had earlier reported that these four players were the only serious suitors that remained in the fray of the 22 players that were shortlisted by DHFL’s lenders to submit bids.
Adani Properties has long been interested in acquiring DHFL and was in talks with its lenders even before the mortgage lender was sent to the bankruptcy court.
Hong Kong-based SC Lowy is a privately-owned global banking group that specialises in distressed and high-yield fixed income markets and has been active in the secondary market for stressed assets in India. In response to CNBC-TV18’s query on its bid for DHFL, SC Lowy’s founder and CEO Michel Lowy in an emailed statement confirmed, “SC Lowy views the DHFL investment opportunity as a key milestone to grow its infrastructure in India. India is our number one priority as we expand our Asian footprint.”
DHFL is the first financial services company where lenders are attempting a resolution via the Insolvency and Bankruptcy Code. It was admitted into NCLT in December last year after RBI superseded its board owing to governance concerns. DHFL is facing claims of over Rs 94,900 crores from financial creditors in NCLT.
Dewan Housing Finance Corporation (DHFL) reported a pre-tax profit of Rs 92.81 crore in the quarter ended June 2020, against a loss of Rs 198.85 crore in the year-ago period. Its net for the period stood at Rs 70 crores and total income at Rs 2,328.86 crore. Almost 28 per cent of its book is under moratorium as of June 30.
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