Business

Adani's Surprise Bid Sparks New Auction For DHFL, Says Report

DHFL, which was once one of India's top "shadow" lenders, accumulated total debts of almost Rs 1 trillion and then failed to honour the dues to its creditors.

Bengaluru: Dewan Housing Finance Corp’s lenders are likely to seek fresh bids for the company’s assets as early as Tuesday, after the Adani group unexpectedly offered a higher price. The Mint newspaper reported the same on Tuesday, citing two people with knowledge of the matter.

Four entities, Adani group, Piramal Group, US-based asset management company Oaktree Capital Management and SC Lowy, submitted bids for DHFL in October, according to Business Standard.

The sale process took a turn when Adani decided to bid Rs 2.5 billion ($33.63 million) more than Oaktree for the assets of DHFL after the deadline for submitting revised bids ended on November 9, Mint reported citing sources.

DHFL, which was once one of India’s top “shadow” lenders, accumulated total debts of almost Rs 1 trillion and then failed to honour the dues to its creditors.

Adani Enterprises and DHFL did not immediately respond to Reuters’ requests for comment.