Singapore’s real-estate focused fund Experion Developers received the highest votes for Blackstone-backed besieged Dignity Buildcon in a deal that would imply a 50% recovery for lenders originally led by Stanchart Bank.
Experion Developers offered Rs 450 Crs for the real-estate developers Dignity Buildcon-a company engaged in developing commercial towers on the Golf Course Extension Road of Gurgaon. The resolution of Dignity Developers which was mired in a series of litigations was eventually approved by 99.7% of lenders by value.
EY backed Shailendra Ajmera who replaced the erstwhile RP in January 2022, received three plans from Experion, M3M India and Madhav Dhir and Alok Dhir, the promoters of Alchemist Asset Reconstruction Company. Sattva Developers also in the fray later withdrew the offer. The RP admitted Rs 1,065 crore claims from lenders, trade creditors and employees. Of this admitted claims of lenders stood at Rs 1006.7 crore.
Experion offered Rs 450 crs to secured creditors Rs 2.5 Crs each to unsecured and trade creditors and Rs 97 lakhs to employees. Among major lenders Standard Chartered Bank has the highest debt of Rs 49.8% three Blackstone (BREP) real estate funds held 10.16% of debt and Alchemist ARC had 35.36% of debt.
Standard Chartered Bank and Blackstone’s fund BREP sold their debt to Experion Capital in January and February 2023 respectively. Experion Capital which acquired nearly 60% of debt is also owned by the winning bidder. Experion Developers is backed by Experion Holdings Pte Singapore and is developing townships and hotels in several states of India.
