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Oaktree Offers $5 Billion for Indian Shadow Lender Dewan

  • Adani, Piramal also improve their bids for the bankrupt lender
  • Dewan Housing was seized in 2019 amid shadow banking crisis
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Bankrupt Indian shadow lender Dewan Housing Finance Corp., which was seized by the central bank last year, has attracted sweetened bids from suitors amid mounting signs of recovery in the sector.

Oaktree Capital Group has offered 366.5 billion rupees ($5 billion), up from 310 billion rupees in its previous bid and 280 billion rupees in its initial bid for the mortgage lender, according to people familiar with the matter. Piramal Enterprises and Adani Group also improved their proposals, the people said, asking not to be identified as the matter is private.