"We have got a line of credit sanctioned by a financial institution to part finance the deal, and there is no backing out from our bid for GESCO," Mr John Band, Chief Executive Officer of ASK-Raymond James, the merchant bankers for the Dalmias, told The Financial Express.

However, he said: "The identity of the institution (which sanctioned the line of credit) and the sum cannot be disclosed at this point."

He also said that he was very confident that HDFC would offer a line of credit.

"We have sufficient resources to go ahead with the takeover even if HDFC does not come forward to offer us the funds", Mr Band added.

The Mahindras, in a masterstroke, on Friday clinched a deal and bought out International Finance Corporation's (IFC) entire 6.34 per cent stake in GESCO at a price of Rs 44 per share, which now becomes the new offer price from the Sheths-Mahindras combine. While at the Dalmias' existing offer price of Rs 27 per share they are required to pump in Rs 35 crore for the entire offer, if their price is revised to the Sheths-Mahindras' price of Rs 44, they would need to fork out Rs 57 crore for 45 per cent of the company.

On a possible revision of the offer price by the Dalmias, he said that it was not necessary for the Dalmias to make a matching offer at Rs 44 per share of GESCO or go beyond that price, since "we have many major shareholders who are ready to offer their shares to us at a price lower than the Rs 44 offered by Sheths-Mahindras combine to IFC." Mr Band reiterated that the key issue was that the Dalmias were bidding for 45 per cent, while the Sheths-Mahindras were asking for 33.5 per cent.

Responding to the Mahindras-IFC deal, he said: "I was shocked at their decision. I feel it is not a wise move by IFC. But this won't in any way hinder our progress."