US-based employee-owned hedge fund sponsor Deccan Value Investors LP has submitted the highest bid for automotive parts maker Amtek Auto Ltd under a plan to end its insolvency, The Economic Times reported, citing two sources aware of the development.
The report cited a source as saying that Deccan Value has offered Rs 4,041 crore: Rs 2,850 crore upfront and the balance in instalments over three to five years.
The committee of creditors will negotiate with Deccan Value Investors over the next few days, the report added.
Amtek Auto, which was incorporated in 1985, is undergoing insolvency resolution initiated by the National Company Law Tribunal.
In January, lenders to Amtek Auto decided to reject the only two bids made, the daily reported. The report quoted a source as saying that the bids of UK-based metals group Liberty House and Deccan Value Investors came in at less than Rs 4,000 crore, which is below Amtek Auto’s liquidation value of Rs 4,200 crore, calculated as 33 per cent of the firm's outstanding loans worth Rs 12,722 crore.
In another development, mortgage lender Housing Development Finance Corporation Ltd (HDFC) is in preliminary talks to buy Apollo Munich Health Insurance Company Ltd, The Times of India reported, citing people aware of the development.
Apollo Munich Health Insurance is a joint venture of Apollo Hospitals Group and German insurer Munich Health. Apollo holds 51% stake, Munich Health 48.7% stake and the joint venture’s employees hold the rest.
Apollo Munich Health Insurance’s gross direct written premium was Rs 992.93 crore for nine months to 31 December 2017.
