Oaktree Capital, Piramal Capital and Housing and Adani Group are the three entities that have submitted revised bids for troubled Dewan Housing Finance Corporation Ltd even as jailed promoter, Kapil Wadhawan, has sent a fresh missive promising to fully pay back all creditors.

Sources close to the development said only three of the four original applicants have submitted revised bids, which are marginally higher than their previous bids. SC Lowy has not submitted any bid.

Oaktree Capital is understood to be the highest bidder at about Rs 36,700 crore, while Piramal has put in a bid for Rs 35,500 crore. Adani Group has bid for DHFL at Rs 33,100 crore.

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Adani and Piramal are understood to have put in two separate offers. Piramal has bid for the entire portfolio and has also put in a separate offer for the retail book. The bids were opened on Monday.

Meanwhile, Wadhawan has shot off a fresh letter to DHFL Administrator, R Subramaniakumar, with a fresh proposal for full repayment of 100 per cent principle to all creditors in the next seven to eight years, with an upfront repayment of Rs 9,000 crore.

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“If the bids for DHFL continue to be as low as 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 has written in his letter.

According to Wadhawan’s settlement proposal, if accepted, DHFL will focus only on retail business and complete stalled projects for recovery of dues. The promoters have expressed confidence about recovering a certain portion of the loans and inter-corporate deposits.

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