Adani Power gave a revised, improved offer of Rs.4,100 crore to lenders of Lanco Amarkantak Power, the thermal power company undergoing insolvency proceedings, said people with knowledge of the matter.
This is the second improved offer by Adani Power within six weeks, implying that it is willing to walk the extra mile to pursue lenders to sell them the distressed power company, the people said.
The company had offered Rs 3,650 crore, as reported by ET on November 2. The unsolicited offers are made almost 10-11 months after 95% of lenders voted for a plan by the Power Finance Corp (PFC) led consortium.
"Yet, Adani Power has a chance because the National Company Law Tribunal (NCLT) has not endorsed PFC led consortium's Rs 3,020 crore resolution plan," one of the persons cited above, said.
"But it could be challenging, since two debtholders are also part of the winning bidder's consortium. PFC and REC - both part of the consortium- jointly hold 41% of the debt in Lanco Amarkantak, and their consent is imperative for Adani," the same person added.
The Insolvency and Bankruptcy Code (IBC) does not prevent debtholders from bidding for a company. Anyone with over 34% debt can block a resolution; conversely, a plan is approved if 66% of lenders approve it.
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