Lak­shadeep of­fers Jaypee In­frat­ech ₹7,350 crore

Hindustan Times (Chandigarh) - Estates - - ESTATES - ht­es­tates@hin­dus­tan­times.com

NEWDELHI: Dark horse Lak­shadeep Pvt. Ltd has emerged as the front-run­ner to ac­quire Jaypee In­frat­ech with a bid of around Rs7,350 crore, but way lower than what the real es­tate de­vel­oper had pro­posed to len­ders a year back to pay off debt.

Lak­shadeep Pvt. Ltd, a joint ven­ture be­tween Sud­hir Valia-led Su­rak­sha As­set Re­con­struc­tion Com­pany and Mum­baibased Dosti Re­al­ity, has of­fered Rs1,200 crore in cash to the banks, Rs4,000 crore of land par­cel and the rest in form of longterm non-con­vert­ible deben­tures in the in­sol­vency auc­tion, peo­ple privy to the de­vel­op­ment said.

A small eq­uity stake to len­ders is also part of the of­fer. It beat Adani Group, which had of­fered Rs1,200 crore in cash, Rs3,500 crore of land par­cel and Rs3,000 crore of back- dated in­stru­ments whose net present value is Rs500 crore to Rs1,000 crore.

Lak­shadeep’s of­fer is, how­ever, not bet­ter than the pro­posal Jaypee In­frat­ech Ltd (JIL) had made to the joint len­ders fo­rum chaired by MDs of IDBI Bank and IIFCL on 8 March 2017, months be­fore the real es­tate com­pany was re­ferred to the Na­tional Com­pany Law Tri­bunal (NCLT). To pay off Rs8,500 crore of debt in­clud­ing in­ter­est, JIL had of­fered to pay 10% per an­num in­ter­est on Rs3,140 crore of sus­tain­able debt to be re­tained on its books and the rest to be paid off by giv­ing 448 acres of land worth Rs2,340 crore as well as op­tion­ally con­vert­ible deben­tures and con­ver­sion of debt into eq­uity, peo­ple in the know said.

Len­ders were to get an eq­uity of 23% fol­low­ing this ex­er­cise where Yes Bank had agreed to give Rs1,100 crore to pro­mot­ers for in­fus­ing in the busi­ness.

But the joint len­ders form did not act on the un­der­stand­ing reached dur­ing the March meet­ing. In June 2016, the com­pany fig­ured in the Re­serve Bank of In­dia’s list of 12 big cor­po­rate de­fault­ers, which was re­ferred to the NCLT for in­sol­vency pro­ceed­ings.

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