Lak­shadeep emerges front-run­ner for Jaypee In­frat­ech with Rs7,350 crore bid

HT Estates - - FRONT PAGE - Press Trust of In­dia ht­es­tates@hin­dus­tan­times.com

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

Lak­shadeep Pvt. Ltd, a joint ven­ture be­tween Sud­hir Valialed Su­rak­sha As­set Re­con­struc­tion Com­pany and Mum­baibased Dosti Re­al­ity, has of­fered Rs1,200cror­ein­cash­tothe­banks, Rs4,000 crore of land par­cel and the rest in for­mof­long-termnon­con­vert­ible deben­tures in the in­sol­vency auc­tion, peo­ple privy to the de­vel­op­ment said.

As­mall­e­quitys­take­tolen­ders 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, not­bet­ter thanthe­p­ro­posal Jaypee In­frat­ech Ltd (JIL) had made to the joint lenders fo­rum chaired­byMD­sofIDBIBankand IIFCL on 8 March 2017, months be­fore the real es­tate com­pany was­re­ferred­totheNa­tion­alCom­pany 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 bere­tained onits book­sandther­est­to­be­paid­offby giv­ing 448 acres of land worth Rs2,340crore­aswella­sop­tion­ally con­vert­ible deben­tures and­con­ver­sionofdebt­in­toe­quity, 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, which­was­re­ferredto theNCLT­forin­sol­ven­cypro­ceed­ings. Peo­ple said soon after, the firm made an of­fer to lenders to square of all the debt from pro- ceeds of landswa­pand­mon­eti­sa­tion of rev­enues ex­pected from toll on its ex­press­way.

The com­pany has now ap­proached the Supreme Court with the plea that it be al­lowed to sub­mit a res­o­lu­tion plan or be per­mit­ted to sub­mit a bid in the in­sol­vency pro­ceed­ings. JIL, which has as per the Supreme Court di­rec­tions al­ready de­posited Rs650crore­for­com­pen­sa­tion to home-buy­er­swhose­promised houses have not been de­liv­ered, says it is in the best po­si­tion to com­plete the un­fin­ished con­struc­tion within 3 years.

Other­bid­der­swill­takeatleast five years to com­plete the work. JIL feels the com­pany whoseliq­ui­da­tion­va­l­ueisRs15,000cror­eis be­ing sold for less than half.

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