InvestorQ : Why is Kapil Wadhawan now offering Rs.43,000 crore to take back his own company at discount?
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Why is Kapil Wadhawan now offering Rs.43,000 crore to take back his own company at discount?

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Rashi Mehra answered.
1 month ago
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In a strange twist, Kapil Wadhawan, the defaulter promoter of DHFL, has offered his personal and family properties worth Rs.43,000 crore to repay all the loans of DHFL with a haircut. Wadhawan has written to RBI, although there has been no response from RBI.

Wadhawan will transfer the rights, titles and interest in various projects which form part of the real estate portfolio of his family, which includes projects at Juhu Galli and Irla in the posh Juhu area of Mumbai with a value of Rs.43,879 crore.

The problems at DHFL began immediately after the IL&FS crisis as the bad loans problem suddenly came to light as did the problem of maturity mismatches. DHFL monetized some of assets like Aadhaar Housing, Avanse Financial, DHFL Pramerica etc.

The total exposure of the lenders who have signed the inter-creditor agreement or ICA was Rs 39,000 crore, so what Wadhawan is offering should be enough. Wadhawan is currently lodged in Taloja jail.

In the meanwhile, some of the key players like Adani Group, Piramal Enterprises and even the US based Oaktree and Hong Kong-based SC Lowy have submitted bids for DHFL. Incidentally, DHFL was the first pure-play mortgage lender to be referred to NCLT.

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