Hungry for Stressed Assets
Private equity and stressed asset funds continue to show interest in acquiring value assets undergoing insolvency proceedings despite delays and litigation
Illustration by Raj Verma
The battle for acquiring Dewan Housing Finance Ltd, the first financial service provider to go through insolvency proceeding, is intensifying with Adani group s last minute revised offer, taking other bidders, also called resolution applicants, by surprise.
While others in the race - Piramal Enterprises and foreign distressed asset firms such as Oaktree Capital and SC Lowy - took umbrage at the last-minute change in Adani group s offer and threatened to pull out of the bidding process, Adani hit out at them for using the media to prevent maximisation of value for lenders and depositors.