DHFL's shares close nearly 10% higher after Kapil Wadhawan offers to repay lenders

Some of these properties include the Juhu Galli project with a revenue potential of Rs 32,000 crore and another project in Irla, with potential revenue of Rs 4,400 crore. Wadhwan has urged Subramaniakumar to conduct an independent valuation of these properties to ascertain their value, said the letter further.

CNBC-TV18 reported earlier that four suitors had submitted bids to acquire DHFL, with US-based distressed asset fund Oaktree Capital offering to acquire the entire portfolio for Rs 28,000 crore, leading to a 30 percent plus recovery for the financial creditors who have made claims of over Rs 87,000 crore against the firm under IBC.

The stock corrected massively in 2018 due to the IL&FS crisis. In a single day, the shares of the company halved from Rs 600 levels to around Rs 270. Since then, it has been on a downtrend with the current price at Rs 15.