The bidding war for Dewan Housing Finance Limited (DHFL) has intensified after suitors including Piramal Group and Oaktree Capital raised offers to outdo each other.
As per a letter sent to DHFL CoC on Thursday, Oaktree Capital raised its bid by Rs 1700 crore. This came after Piramal Group also increased its bid amount by Rs 1700 crore in the offer submitted on December 22.
Oaktree's revised offer now stands at Rs 38,400 crore whereas Piramal Group's at Rs 37,250 crore.
According to the revised bids, Piramal allocated additional Interest Income to Financial Creditors and increased bid for Insurance stake and Oaktree proposed to allocate Rs 1700 crore as Additional Interest Income to Financial Creditors.
Oaktree also offers Rs 300 crore for FD holders in comparison to Rs 150 crore offered by Piramal Group.
Furthermore, NCDs offered by Oaktree is Rs 21,000 crore over the duration of 7 years, and Rs, 19,550 crore over 10 years by Piramal.
DHFL has also received a bid from Adani Group, while another lender, a Hong Kong-based SC Lowy backed out of the race alleging unfair treatment by DHFL lenders.
(Edited by : Aditi Gautam)
First Published: IST