DHFL: Piramal And Oaktree Capital Weigh Revised Bids For Full Portfolio

At least two bidders for the assets of Dewan Housing Finance Corporation Ltd. are in the process of finalising revised bids for the full portfolio of the insolvent financier, three people with direct knowledge of the matter said on the condition of anonymity. The revised bids follow a fresh offer submitted by the Adani Group, which prompted lenders to restart the process.

Earlier this week, Oaktree Capital Management wrote a letter to DHFL’s administrator and its financial creditors, seeking clarification on whether the current round of bidding is last and final, the people quoted above said. In its communication, Oaktree sought clarification on whether any new bids would be accepted after Dec.14, the current deadline set by the committee of creditors.

Last month, Oaktree Capital had offered to buy all of DHFL’s loans for Rs 31,000 crore.

Separately, according to two of the three people quoted above, Piramal Group has been regularly accessing the data room since Dec. 3 to put together its fresh bids. The Ajay Piramal-headed group is currently in discussions with legal and other experts to come up with an offer for all assets owned by DHFL, the two people said.

Previously, Piramal Group had only bid for DHFL’s retail loan portfolio, offering Rs 25,000 crore against a book worth Rs 30,000 crore.

Oaktree Capital and Piramal Group declined to comment on queries sent by BloombergQuint.

SC Lowy, Reserve Bank of India appointed administrator R Subramaniakumar and lead lender State Bank of India did not respond to queries mailed on Wednesday.

The other two bidders, Adani Group and Hong Kong-based investor SC Lowy are unlikely to submit fresh bids in the current round, the people quoted above said. If bidders do not submit fresh bids in the current round, their last submitted bids would be considered by the committee of creditors.

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