Adani's ₹4,100-crore offer for Lanco Unit to be the anchor bid
Adani Power's ₹4,100 crore unsolicited offer for Lanco Amarkantak Power will be the anchor bid for the proposed auction to sell the distressed thermal company, said people with knowledge of the matter.
Reliance Industries and a consortium led by Power Finance Corporation (PFC) are the other two bidders participating in the auction process, the people cited above said.
Last January, 95% of lenders approved a ₹3,020 crore plan offered by the PFC-led consortium, and the resolution professional applied for approval from the National Company Law Tribunal (NCLT).
Thereafter, Adani Power gave an unsolicited improved offer of ₹3,650 crore, as reported by ET on November 2. The offer was later sweetened to ₹4,100 crore, as reported by ET on December 13.
Adani's latest offer is 36% higher than the lender-approved plan given by the PFC-led consortium.
The RP invited lenders to vote on whether to consider Adani's unsolicited offer since he has already filed an application with the NCLT.
In the last week of December, lenders unanimously voted to consider the offer.
KPMG-backed RP Saurabh Kumar Tikmani has applied to the NCLT seeking direction on holding an auction with Adani's offer as an anchor bid. The tribunal is scheduled to hear the matter on January 16.
At an auction in December 2022, Only the PFC-led consortium participated, offering ₹3,020 crore.
