Adani tops DHFL bid, but competitors want it out of race
Adani tops DHFL bid, but competitors want it out of race
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Billionaire Gautam Adani's roads-to mining group outbid USbased Oaktree with a Rs 33,000 crore bid for collapsed housing lender, DHFL, but rival bidders want it out of the race for allegedly missing the deadline - a charge Adani Group denies saying it followed due process and the "cartel" wants to prevent value maximisation.

Four entities viz. Adani Group, Piramal Group, USbased asset management company Oaktree Capital Management and SC Lowy - submitted bids for DHFL in October, sources with DHFL lenders and industry said. But lenders, who are getting DHFL auctioned to recover unpaid loans, wanted suitors to revise their bids as original offers were low.

 Adani Group, which had initially bid only for DHFL's wholesale and Slum Rehabilitation Authority (SRA) portfolio, in the revised offer submitted on November 17 bid for the entire book, offering a total of Rs 30,000 crore plus interest of Rs 3,000 crore, a lending source said. This was more than Rs 28,300 crore offered by Oaktree, they said adding the US firm's conditional bid had outlined that it would hold back Rs 1,000 crore on insurance claims. Piramal quoted Rs 23,500 crore only for the retail portfolio of DHFL while Hong Kong-based SC Lowy bid Rs 2,350 crore for SRA. Soon after, rival bidders cried foul over Adani's bid, saying the group had submitted the bid past the deadline and that it cannot expand on its original plan

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