Dark horse Lakshadeep Pvt Ltd has emerged as the front-runner to acquire Jaypee Infratech with a bid of around Rs 7,350 crore, but way lower than what the real estate developer had proposed to lenders a year back to pay off debt. A small equity stake to lenders is also part of the offer. It beat Adani Group, which had offered Rs 1,200 crore in cash, Rs 3,500 crore of land parcel and Rs 3,000 crore of back- dated instruments whose net present value is Rs 500 crore to Rs 1,000 crore. But the joint lenders form did not act on the understanding reached during the March meeting. JIL feels the company whose liquidation value is Rs 15,000 crore is being sold for less than half.

Source: dna April 15, 2018 08:03 UTC