M3M India, Salarpuria Sattva, others bid to acquire Dignity Buildcon in Gurugram
NEW DELHI: 3 Realty firms M3M India, Salarpuria Sattva, and Ahmedabad-based Safal group and businessman Madhav Dhir made separate bids to get a commercial project in Gurugram by an insolvency process, sources said.
They submitted resolution plans to get debt-ridden Dignity Buildcon. It owns three commercial towers on the Golf Course Extension Road, Gurugram. They further added that the buildings in the tower are about to complete.
According to the sources, M3M made a bid of around Rs 530 crore. Besides, that Safal group and Salarpuria Sattva made a bid of Rs 487 crore and Rs 417 crore, respectively. Madhav Dhir — son of Alchemist ARC’s promoter Alok Dhir — has put in a bid for Rs 491 crore.
According to the sources said all these bidders have offered to pay some amount upfront to creditors and the remaining amount in installments over the next three to four years.
The sources also said that M3M has offered Rs 21 crore upfront and the rest will be paid in four yearly installments. Salarpuria Sattva bid an upfront amount of Rs 125 crore while Safal group and Madhav Dhir have offered around Rs 80 crore each.
Dignity Buildcon possesses a debt of over Rs 1,000 crore. Blackstone, Standard Chartered and Alchemist groups are the main lenders and they are a part of the Committee of Creditors (CoC), the sources added.
Total eight financial creditors are there, including three Blackstone group firms.
The sources also informed that the lenders will soon vote on the resolution plans submitted by the four parties.
Dignity Buildcon went into an insolvency process last year.
M3M is a Gurugram-based leading realty group in the national capital region. In the last six months, this group has sold properties worth Rs 2,000 crore and derived eight projects. The company is also building the Trump Tower in Gurugram.
Bengaluru-based Salarpuria Sattva is a major real estate player in south India. This firm is into commercial real estate.
