Updated Jan 07, 2021 | 23:51 IST
Oaktree Capital in the letter says that the fair market value of its NCDs are higher as they are AAA rated in comparison to the AA rated NCDs of Piramal Enterprises. Representational Image
Key Highlights
According to Oaktree, the fair value of their bid stands at Rs 38,820 crore while it values Piramal s bid at Rs 34,318 crore
Oaktree has also said their resolution plan offers a clean structure and is unconditional. While Piramal Enterprises plan, the letter said, is conditional
In a fresh letter to the Committee of Creditors (CoC) of Dewan Housing Finance Limited (DHFL), dated January 6, Oaktree Capital has said that its bid is higher than that of Piramal Enterprises by Rs 4,500 crore on a Fair Market Value (FMV) basis. On both, a notional and FMV basis. our financial proposal is clearly higher than the financial proposal of the second-highest bidder, the letter said.
US-based Oaktree Capital has said its revised bid for the debt-ridden DHFL is unconditional and comes with a commitment of fresh capital infusion of Rs 1,000 crore for the revival of the company. According to sources, Oaktree in a letter dated January 6 to members of the Committee of Creditors (CoC) and administrator of DHFL said the resolution plan offers a clean structure for all stakeholders. During our discussion with the legal counsel of the Administrator and the CoC, we were informed that we could not impose any conditions to the implementation of our resolution plan in any manner. As a result, all terms of our resolution plan that could be considered as conditions were deleted, it said.
Ahead of DHFL voting, Oaktree attacks Piramal bid
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Synopsis
A key point that Oaktree is harping on is the structure Piramal’s have proposed in their business plan, that involves a merger between DHFL and Piramal Capital, its finance arm to swell the combined entity’s networth to more than Rs 18,000 crore and cushioning its ability to issue debt.
Reuters
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MUMBAI: Ahead of the three week long voting starting Monday to decide on the new owner of Dewan Housing Finance Limited (
DHFL), Oaktree has fired yet another salvo by attacking the bid of its nearest competitor
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Synopsis
A key point that Oaktree is harping on is the structure Piramal’s have proposed in their business plan, that involves a merger between DHFL and Piramal Capital, its finance arm to swell the combined entity’s networth to more than Rs 18,000 crore and cushioning its ability to issue debt.
Reuters
MUMBAI: Ahead of the three week long voting starting Monday to decide on the new owner of Dewan Housing Finance Limited (
DHFL), Oaktree has fired yet another salvo by attacking the bid of its nearest competitor
In a letter sent on Sunday evening to members of the committee of creditors, the RBI appointed administrator, Oaktree has said it is concerned that despite its bid offering maximum value for all stakeholders, it appears “there is a consistent campaign to misrepresent information on Oaktree’s bid. Information is not only being presented in an incomplete and inaccurate manner but also in order to discredit Oaktree’s bid and favour the Second Highest Bidder.”