Billionaire Gautam Adani's bid for collapsed housing lender, DHFL comes out on top over the other bidders with a total bid of Rs. 33,000 crore.
The controversial bidding.
Adani's bid, which beat the offer from US-based Oaktree allegedly missed the deadline.
Four entities - Adani Group, Piramal Group, US-based asset management company Oaktree Capital Management and SC Lowy - submitted bids for DHFL in October.
But lenders, who are getting DHFL auctioned to recover unpaid loans, wanted the bidders to revise their bids as original offers were low.
Adani Group, which had initially bid only for DHFL's wholesale and Slum Rehabilitation Authority (SRA) portfolio, in the revised offer in the revised offer submitted on November 17 bid for the entire book, offering a total of Rs 30,000 crore plus interest of Rs 3,000 crore.
Amid all the allegations, Adani Group denies the allegation saying it followed due process and the "cartel" wants to prevent value maximisation.
Bottom line: Allegations or not, money matters in the end. Will Adani add another empire to it's portfolio?