Piramal Group has emerged as the preferred bidder to take over Dewan Housing Finance Corporation Ltd (DHFL), reports said on Friday.
The group received 94 per cent of the votes from the Committee of Creditors (CoC), an IANS report said. The minimum requirement for winning a bid is 66 per cent votes.
The total offer of Piramal was Rs 37,250 crore. However, it had offered a higher upfront cash payment that may have appealed the CoC members.
The other major contender, US-based Oaktree Capital secured around 45 per cent of the votes. The company’s total bid stood at Rs 38,400 crore.
The total dues of DHFL stand at around Rs 90,000 crore. The Piramal’s offer translates to around 43 per cent for the creditors of DHFL.
Piramal, in its bid, has offered an additional amount in the resolution process to fixed deposit holders, over and above what the CoC offers them through the IBC resolution.
The Adani Group also had initially shown interest in the bankrupt NBFC.
The CoC will hold a meeting early next week to issue a letter of intent to the Piramal Group.
Amid the tussle to takeover the NBFC, Piramal had said in a statement last week, “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.”