InvestorQ : What exactly is happening on the Dewan Housing front? Why do the former promoters want the bids of Piramal Enterprises and Adani rejected?
ishika Banerjee made post

What exactly is happening on the Dewan Housing front? Why do the former promoters want the bids of Piramal Enterprises and Adani rejected?

Answer
image
6 months ago
Follow

Once DHFL was the blue chip among the mid cap housing finance plays. When IL&FS floundered and the short term market got tight, that is when DHFL unravelled. Very soon the house cards was under pressure leaving Rs.95,000 worth of debt hanging.

With the promoters undergoing ED investigation and the company already an NCLT case, there is a new twist to the DHFL story. Promoter Kapil Wadhawan has moved the NCLT, Mumbai against the RBI appointed administrator and the committee of creditors or COC.

That does sound strange because DHFL was referred to NCLT only after it started to consistently default on its debt obligations. The objection of Wadhawan was to the bids made by the four suitors; Oaktree Capital, PEL, Adani Enterprises and SC Lowy.

As of date, Adani Enterprises has made the highest offer of Rs.31,250 crore for the full business of DHFL. The former promoter, Kapil Wadhawan, called the bid absurd as he had agreed to take back DHFL at Rs.43,000 crore but his plea had been rejected.

DHFL owes Rs.88,000 crore to creditors and every extra rupee would count. However, the type of offers made by Wadhawan where promoters try to convert their default into an opportunity, has been viewed with suspicion by the NCLT. It remains to be seen what is finally done in this case.

2 Views