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Responding to Oaktree Capital’s concerns on the DHFL resolution process, the Piramal Group highlighted its bid for the debt-ridden housing finance company.
“The Piramal plan merges DHFL with a AA rated entity, offers over ₹10,000 crore of equity immediately, and provides clarity on quality and secondary market valuation of NCDs. The alternative plan is a highly leveraged structure with minimal equity,” said a Piramal spokesperson.
The comments came after Oaktree Capital is understood to have sent a fresh letter to the Committee of Creditors of Dewan Housing Finance Corporation over the resolution process.
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Bidding for DHFL: ‘Swiss Challenge’ idea doesn’t fly with creditors
Bankers feel this may lead to legal issues and delay the entire resolution process“All the bidders had the opportunity to submit bids post clarifications on December 22. After seeing our bid, and recognising that their bid falls short on various dimensions, Oaktree is now sending this series of letters, to alter the substantive submissions they themselves have formally made,” the Piramal spokesperson further said.
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