Piramal Group has won the bid to take over Dewan Housing Finance Corporation Ltd (DHFL), sources said. Piramal received 94 per cent of the votes from the Committee of Creditors (CoC), said people in the know. The minimum requirement for winning a bid is 66 per cent votes.

The other major contender, US-based Oaktree Capital secured around 45 per cent of the votes in this sixth round of voting. The total offer of Piramal was Rs 37,250 crore, compared to Rs 38,400 crore offered by Oaktree. However, Piramal had offered a higher upfront cash payment.

The total dues of DHFL stands at around Rs 90,000 crore.

Piramal, in its bid, has offered an additional amount in the resolution process to fixed deposit holders, over and above what the CoC offers them through the IBC resolution.

The Adani Group also had initially shown interest in the bankrupt NBFC.

Amid the tussle to take over the NBFC, Piramal had said in a statement last week: "We have full faith that the Committee of Creditors, comprising some of the most reputed financial institutions of our country, will make the fair and just choice in the voting process."

It said that its bid for DHFL offers the lenders the highest upfront cash recovery, has the highest score on the evaluation matrix, is fully compliant with all regulatory norms, and is fully and immediately implementable. Meanwhile, Oaktree had sent one additional offer of Rs 1,700 crore more after the deadline and had also proposed additional Rs 1000 crore to lenders from sale of DHFL’s life insurance business. It had also claimed undervaluation of Rs 2,700-crore the committee of creditors.

DHFL is the first NBFC to go into insolvency after the Reserve Bank of India filed an application for initiation of insolvency on November 29, 2019.

The bidding also saw several offers with lenders not being happy with the bids that came in the first round.