Oaktree Capital has upped its offer for Dewan Housing Finance Ltd (DHFL) by ₹1,700 crore on Thursday, intensifying a protracted bidding war with Piramal Capital and Housing Finance Ltd for control of the bankrupt mortgage lender. Oaktree had bid ₹32,700 crore in the fourth round that concluded on 14 December, trumping Piramal’s offer of ₹32,250 crore. As required, we are allocating an additional amount of ₹1,700 crore as additional interest income to the financial creditors," Oaktree said in a letter to the creditors. In the meeting held on 18 December, the committee of creditors asked both Oaktree and Piramal Capital to sweeten their bids as the sale process entered the final lap. Lenders to DHFL who began voting on the bids on Thursday are now expected to extend the voting process by a few days to consider the revised offer by Oaktree.

Source: Mint December 25, 2020 00:53 UTC