Tough call for DHFL lenders as Oaktree just manages to outbid Piramal

Adani does not make aggressive bid in fourth round; all offers have several conditions and banks will have to take a call by evaluating NPV of each

US-based asset management fund Oaktree Capital has emerged as the highest bidder for bankrupt housing finance firm DHFL by making an offer of Rs 36,646 crore for the entire company. The offer includes Rs 11,646 crore in upfront cash and deferred payments to the lenders. The offer also holds back Rs 1,500 crore, which will be given to banks only after DHFL’s insurance venture is sold and all tax liabilities from the sale are met.

The Piramal group, however, has offered an upfront payment of Rs 13,000 crore and the balance of its Rs 35,550-crore offer in deferred payments for the