Oaktree Capital Management, L.P. has offered a total of INR 366,460 million for Dewan Housing Finance Corporation Limited (NSEI:DHFL), topping the bids of INR 355,500 million by Piramal Enterprises Limited (BSE:500302) and INR 331,100 million from Adani Properties Private Limited. The fourth suitor, SC Lowy has not submitted any fresh bid in the fourth round, persons familiar with the developments said. FE learns Piramal has offered to pay INR 10,540 million more as cash upfront than Oaktree capital; it is willing to pay INR 127,000 million while Oaktree is willing to make a cash payment of INR 116,460 million.

Adani Properties' cash offer is smaller at INR 107,500 million. While Oaktree has offered to pay INR 210,000 million of debt over seven years, Piramal has said it will pay INR 195,500 million in 10 years. Adani Properties has offered to convert Rs 191,100 million into debt, payable in 10 years.

Piramal Enterprises has also submitted a bid to acquire only the wholesale and slum redevelopment authority (SRA) book of DHFL. Similarly, Adani Properties has said it is open to acquiring the retail assets of the troubled lender. Banks are expected to evaluate the bids in the next 2-3 days.