Oaktree Capital hikes its bid to acquire DHFL by Rs 1,700 crore

The tussle between Oaktree Capital and the Piramal group is getting fiercer with the former hiking its bid to acquire the cash trapped DHFL by Rs 1,700 crore.

Oaktree has now offered over Rs 38,300 crore higher than its earlier tag of Rs 36,600 crore for the entire company. 

 Here, it may be recalled that the Piramal group had also raised its offer for DHFL by Rs 1,700 crore recently. It had earlier proposed Rs 13,000 crore in upfront cash for its Rs 35,550 crore offer that included Rs 200 crore from the insurance stake sale and Rs 3,000 crore from the interest earned on the books of DHFL.

Sources said that Oaktree is now offering an upfront payment of over Rs 17,000 crore and over Rs 300 crore to the fixed deposit holders of DHFL. Close to Rs 21,000 crore will be paid in the form of non convertible debentures. In the case of the Piramal offer, this stands at over Rs 19,000 crore.