Mumbai, Dec 28 :    Mumbai, Dec 28:  The AH Dalmia group revealed today that it had not tied up with a strategic investor to bank roll its takeover of Gesco Corporation, the real estate subsidiary of the Sheth-owned Great Eastern Shipping. Abhishek Dalmia told The Telegraph that Renaissance Estates, which is spearheading the hostile bid,had dipped into its own resources and borrowed funds from the market to up the ante in the high stakes battle with its increased offer price of Rs 45 per share which was announced on Wednesday. The Dalmia offer tops the Sheth-Mahindra counter-offer by one rupee. Abhishek Dalmia said Housing Development Finance Corproation (HDFC) had rejected his request for a credit facility to underpin his bid as had been extended to the Sheth-Mahindra combine. In a 'politely worded letter to Renaissance Estates', the housing finance major said it could not finance two competing offers at the same time. Dalmia said there was no need to seek the help of a strategic investor to prop up its bid. 'A strategic investor would be useful if we wanted to spread the risk and were short of funds. Neither situation exists at present,' he said. HDFC chairman Deepak Parekh played a key role in getting Mahindras to team up with the Sheths of Gesco to fend off Dalmia's hostile takeover gambit for their real estate firm. The Mahindras have their own interests in the real estate through Mahindra Realty, their fully owned subsidiary. Parekh could not be contacted as he was out of town, but Dalmia said HDFC's decision was purely a commercial one. 'We have not approached any other financial institution for a similar line of credit. Our revised bid at Rs 45 per share of Gesco Corp will be financed from internal resources.' A part of the Rs 58 crore required to pick up 45 per cent in Gesco Corporation will come from borrowings while the remaining will be raised from the company's cash surplus, he said. There was no word from the Mahindras and Gesco promoters, probably because today was a public holiday, but there are rumours swirling around that they will better the revised offer made by the Dalmias. Since the difference in the counter-offer made by the Sheths-Mahindra duo and the revised offer made by the Dalmias is only a rupee, merchant banking circles expect the Gesco promoters to make only a marginal increase. The Dalmias claim to hold 10.4 per cent in Gesco while the Sheths, along with the Mahindras, control 30 per cent. Financial institutions, with a 12 per cent stake in the firm, have already indicated that they would liquidate their holdings to the highest bidder.