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Lenders may extend the date for submission of expression of interest (EOI) for the troubled Dewan Housing Finance Corporation Ltd to get in more bidders amid DHFL’s improving loan-recovery position. So far, players including Adani Group, KKR, Bain Capital and Oaktree Capital have shown interest in buying DHFL
There could be an extension of a month for putting in the EOI, said a senior banker versed with the developments on the DHFL resolution front.
Two options
Interested parties have two options to bid for the fraud-hit company. In the first, they can bid for the company as a whole (including retail, wholesale and other assets).
In the second option, potential investors can bid for parts of business (Group A: retail assets, investments, unsecured loans, etc; Group B: construction finance, mortgage loans, corporate loans, etc; and Group C: Slum Rehabilitation Authority loan).
Most investors seem to prefer the second option, the banker said.
“As of now we are not in a position to crystallise any plan. It may take some more time (at least by October) because valuation and other things are just being received. DHFL’s collection was down due to the impact of the Covid-19 pandemic. Now, it has started picking up. Once this picks up, it will have better value,” said another banker.
Resolution early next year
The banker quoted above expects a resolution to happen in the January-March quarter.
The RBI filed an application on November 29, 2019 before the National Company Law Tribunal, Mumbai Bench, for initiation of corporate insolvency resolution process against the housing finance company.
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