Lenders to troubled Dewan Housing Finance Corporation Limited (NSEI:DHFL) will meet on December 18, 2020 to evaluate the latest offers, after four rounds of bidding. The banks will consider the bids from Piramal Enterprises Limited (BSE:500302), Oaktree Capital Management, L.P. and Adani Enterprises Limited (BSE:512599). The committee of creditors (CoC) of the bankrupt mortgage lender has received an offer of INR 298,600 million from Adani Group, INR 322,500 million from Piramal Group and INR 327,000 million from Oaktree.

SC Lowy did not submit a bid in the fourth round. The CoC's deliberations are likely to be centred around the bids of Piramal and Oaktree, given that Adani's offer is much lower than the other two contenders. Even though Oaktree has put the highest bid, the eventual decision of the CoC will take into account the intricacies of the offers, including the cash offered upfront and the net present value of the bids.

Piramal's upfront cash offer of INR 127,000 million to the lenders is the highest among the three, while Oaktree has offered a conditional upfront payment of INR 117,000 million, according to a person familiar with the bids. Piramal has also offered to infuse INR 100,000 million of equity into DHFL through a merger of Piramal's financial services company into DHFL, the person said, requesting anonymity. Piramal's offer also includes a payment of 10% to the fixed deposit holders of DHFL every time the lenders pay the FD holders, a second person familiar with the offers said.

Oaktree, in its bid, has put a key condition that it will have the right to re-price the deal or pull out from the deal if it doesn't get closed before March 31, 2021. A Hong Kong-based spokesperson for Oaktree declined to comment. A Piramal Group spokesperson also declined to comment.