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Oaktree Sweetens DHFL Bid Further
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.
BY
Realty Plus
Published - Saturday, 26 Dec, 2020
BY
Realty Plus
Published - Saturday, 26 Dec, 2020
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’s offer came a day after Piramal Capital raised its bid by ?1,000 crore and also improved its offer for a controlling stake in DHFL’s Pramerica Life Insurance Co. to ?1,000 crore from ?300 crore. Oaktree had bid ?32,700 crore in the fourth round that concluded on DATE?, trumping Piramal’s offer of ?32,250 crore.
The intense takeover battle has forced both contenders to raise their bids by about 15% from their initial offers. This comes amid a recovery in the quality of DHFL’s loan assets from the initial months of the pandemic and a wider revival in the non-banking space.
“We understand that the bidder that submitted the second highest bid has sought to increase its bid by means of (a) allocating additional interest income to the financial creditors and (b) increasing its bid for the insurance stake. 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.
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