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Realtor Ashdan's Rs.760-Cr bid tops 8 offers for Rs.14,000-Cr debt of Rolta India

Economic Times  

Pune-based real estate developer Ashdan Properties has emerged as the highest bidder to take over the INR 14,000 crore debt of Rolta India with a bid valued at close to INR 760 crore on a net present value (NPV) basis.Ashdan's bid beat eight other bidders including data centre company Cyfuture India and Jai Corp vice chairman Virendra Jain among others after creditors scrutinised the value of bids received. This is the second attempt to find a buyer for Rolta after the initial process received only one bid last year.Kamal Singh-promoted Rolta is a defence-focused software company which was admitted to the bankruptcy process in January 2023. It owes banks led by the Union Bank of India a total of INR 7,100 crore and another INR 6,699 crore to unsecured foreign bondholders led by Citigroup. Ashdan’s bid equals less than 6% recovery on the total debt and about 11% recovery for secured financial creditors led by Union Bank.