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Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
Kapil Wadhawan, the former promoter of Dewan Housing Finance Corporation Ltd - PAUL NORONHA
With the clock ticking on the resolution of debt-ridden Dewan Housing Finance Corporation Ltd (DHFL), Kapil Wadhawan, former promoter, reiterated his offer of 100 per cent principal repayment (or ₹91,158 crores) to all lenders as opposed to the next highest bid of ₹38,250 crore.
This offer comes even as lenders are currently in the midst of a voting exercise to decide who among the four bidders – Oaktree Capital Management, Piramal Capital and Housing Finance Ltd (PCHFL), Adani Group and SC Lowy – gets to acquire DHFL.
The erstwhile promoter of DHFL wondered why key stakeholders involved in DHFL’s resolution process were giving preference to proposals entailing 70 per cent haircut to the lenders vis-a-vis his settlement proposal that provides for 100 per cent repayment to all the lenders.
Wadhawan claims he will repay ₹65,000 crores within 7 years as opposed to ₹38,000 crores reportedly payable (by other bidders) in 10 years.
He also offered to convert a part of the debt into equity, thus making the creditors, including FD holders and retail NCD holders, majority shareholders of DHFL, to ensure that not only are they repaid full principal amount, but are also entitled to the equity upside once the company revives and continues business as usual.
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
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