The Piramal Enterprises on Friday claimed its bid for DHFL offers the lenders the highest upfront cash recovery, has the highest score on the COC evaluation matrix, is fully compliant with all regulatory norms, and is fully and immediately implementable. "We have full faith that the committee of creditors, comprising some of the most reputed financial institutions of our country, will make the fair and just choice in the voting process," the Piramal Group said in a statement.

 It also issued a "Fact vs Fiction in Competing Bidders' claims", responding to claims made by another bidder, Oaktree. Piramal said that Oaktree is bringing in minimal equity into DHFL. "The initial equity being brought in is a mere Rs 1 lakh. There is a promise of Rs 1,000 crore of equity/ NCDs/sub-debt that can be brought in later if required. This wafer-thin equity is supposed to support an entity with a balance sheet that will be around Rs 40,000 crore," it said.

It is being falsely claimed that an NCD written on such a weakly equitised business, built entirely on a Leveraged Buy-Out model, would somehow receive a AAA rating, it added. "Oaktree claims that they have received 'preliminary feedback from credit rating agencies' that their NCD would be assigned a AAA rating. There are 2 serious violations of SEBI norms in this claim: CRAs are not allowed by law to provide any 'credit opinion' or have 'indicative credit rating discussions'," Piramal said.

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