The battle for Dewan Housing Finance Corporation Limited (NSEI:DHFL) is set to intensify, with Piramal Capital & Housing Finance Limited gearing to bid for the entire non-banking finance company. This could make it a three-way bidding war with the Adani Enterprises Limited (BSE:512599) (Adani Group) and Oaktree Capital Management, L.P. already expressing interest to acquire the whole book of debt-laden DHFL. Piramal Enterprises Limited (BSE:500302) had earlier offered to buy only the retail book of DHFL.

With the DHFL's Committee of Creditors (CoC) seeking fresh bids from all four bidders, Piramal is expected to make a revised offer for the entire book, according to sources. Piramal did not respond to an e-mail query by Business Line on the issue. The CoC, which met earlier this week, has sought fresh bids from all the four suitors — Piramal, Adani Group, Oaktree Capital and SC Lowy — after Adanis submitted an unsolicited offer to acquire the entire portfolio after initially bidding for just the wholesale and the SRA project.

“The decision has been informally conveyed but a formal letter seeking fresh bids will be sent today (November 25, 2020),” said an informed source, adding that the four can submit fresh bids for any category or the whole book of DHFL. “For the lenders, the prime objective is to ensure that they get better value for DHFL. A fresh round of bids will help in this while also taking care of the concerns of the other bidders,” the source said, adding that they will be given about two weeks to submit fresh resolution plans.