Oaktree Capital Management, L.P. management has emerged as the highest bidder for Dewan Housing Finance Corporation Limited (NSEI: DHFL) in a revised round of bidding for the troubled mortgage lender, two people directly aware of the development told Mint requesting anonymity. According to the persons cited above, Oaktree Capital has bid INR 327.00 Billion followed by Piramal Enterprises Limited (BSE:500302) which has offered INR 323.50 Billion and Adani has offered INR 298.60 Billion to buy the entire portfolio of the mortgage financier. SC Lowy, which had earlier for DHFL's assets did not submit a fresh bid after lenders called for revised bidding in anticipation of a higher offer for the company's assets.

Adani Enterprises Limited (BSE:512599) has also submitted a separate offer for the wholesale and slum rehabilitation projects controlled by DHFL. Piramal Group, too, has submitted a fresh bid for the retail assets controlled by the home financier, apart from its offer for the full loan book. The revised bids were called after Adani's unsolicited offer to buy the entire company instead of the select assets it had bid on earlier.

In the previous round of bidding, Oaktree Capital had revised its bid price for the entire portfolio to INR 310.00 Billion from INR 280.00 Billion earlier. Piramal Enterprises had revised its bid price for the retail portfolio to INR 260.00 Billion from INR 150.00 Billion earlier. Adani had offered INR 27.00 Billion for the wholesale and SRA book and SC Lowy has upped its bid for the non-SRA book to INR 23.00 Billion from INR 15.00 Billion earlier.

But, in a surprise move, Adani offered to bid INR 2.50 Billion more than Oaktree for the entire firm, which led to lenders calling for the fourth round of bidding. Dewan Housing Finance Corp. Ltd.'s erstwhile Promoter Kapil Wadhawan has offered a proposal for repayment to the creditors of DHFL on the same day the company received revised bids from resolution applicants like Oaktree Capital, Piramal Enterprises, Adani Group and SC Lowy.

"If the bids received for DHFL continue to be as low as they were previously, I would request the committee of creditors to consider my settlement proposal instead rather than permit DHFL to be sold for a song," he said.