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. 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. 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. But the joint lenders form did not act on the understanding reached during the March meeting. JIL feels the company whose liquidation value is Rs15,000 crore is being sold for less than half.

Source: Mint April 15, 2018 09:22 UTC