OakTree, Piramal Group, Adani Capital, and SC Lowy raised their offers for the troubled Dewan Housing Finance Ltd (DHFL) and its assets by as much as 50 per cent after lenders rejected previous bids.
Adani Group, Piramal Enterprises, U.S.-based Oaktree, and Hong Kong-based SC Lowy have submitted a 10-70 per cent higher price for either a stake in the company or buying out some of its assets.
Oaktree Capital, which had bid Rs 28,000 crores for the entire book is now willing to pay Rs 31,000 crore.
Piramal Group has significantly revised its bid for the retail book to Rs 26,500 crore from Rs 15,000 crore offered.
Both Oaktree Capital and the Piramal Group’s offers factor in a little under Rs 10,000 crore cash from DHFL’s books. Currently, DHFL has cash of almost Rs 8,000 crore on its books, which is expected to rise to Rs 10,000 crore by March- and this entire amount would be used to repay lenders as per the plans submitted so far.
While Oaktree wants to acquire the entire company, Piramal aims to buy DHFL’s retail assets. Adani Capital and SC Lowy are interested in acquiring loans given to institutions and slum rehabilitation (SRA) projects. SC Lowy is offering Rs 2,300-2,600 crore for wholesale loans, up from Rs 1,300 crore, said the people cited above. Adani Capital raised its offer by about 20 per cent to Rs 2,750 crore, they said.