Oaktree Capital on Monday emerged as the highest bidder for troubled finance firm DHFL with a revised offer of Rs 36,600 crore for the entire company that beats the Piramals (Rs 35,500 crore bid) and the Adanis (nearly Rs 30,000 crore).

The Oaktree offer includes an interest of almost Rs 3,000 crore earned from the cash in the books of DHFL and another Rs 1,000 crore from the sale of DHFL’s stake in an insurance venture.

According to reports, lenders will recover their dues the fastest if they accept Oaktree’s proposal. The US-based investor will pay upfront Rs 11,500 crore with the remainder in over seven years.

In the Piramal group offer, the financial creditors will get Rs 12,000-13,000 crore upfront and the remainder over 10 years. The Adani group’s offer includes Rs 11,000 crore paid upfront and the remainder over seven years.

The committee of creditors had decided to seek fresh bids, the last date of which was Monday. The participants had the option to either submit fresh bids or continue with their proposal in November.
The Adani group, the Piramals, Oaktree and SC Lowy had submitted bids for DHFL in October.

Subsequently, the Adanis, which had initially bid only for DHFL’s wholesale and slum rehabilitation authority (SRA) portfolios, offered to take over the entire book in a revised proposal submitted on November 17.

The Adanis offered a total of Rs 30,000 crore plus interest of Rs 3,000 crore, more than the Rs 28,300 crore offered by Oaktree. The Piramal group had quoted over Rs 23,000 crore only for the retail portfolio of DHFL, while SC Lowy bid Rs 2,300 crore for the SRA portfolio. SC Lowy did not submit any revised bid in the latest round as also the Adani group.

The lenders will now meet again on December 18 to evaluate the bids and voting is expected to begin from December 23.