Dark horse Lakshadeep Pvt. Ltd. has emerged as the front-runner to acquire Jaypee Infratech with a bid of almost ₹7,350 crore, but way lower than what the real estate developer had proposed to lenders a year back to pay off debt.
Lakshadeep Pvt. Ltd., a joint venture between Sudhir Valia-led Suraksha Asset Reconstruction Company and Mumbai-based Dosti Reality, had offered ₹1,200 crore in cash to the banks, ₹4,000 crore of land parcel and the rest in the form of long-term non-convertible debentures during the insolvency auction, sources privy to the development said.
A small equity stake to the lenders also forms part of the offer.
