Dark horse Lakshadeep Pvt Ltd has emerged as the front-runner to acquire Jaypee Infratech with a bid of around Rs 7,350 crore, but way lower than what the real estate developer had proposed to lenders a year back to pay off debt. Lakshadeep Pvt Ltd, a joint venture between Sudhir Valia-led Suraksha Asset Reconstruction Company and Mumbai-based Dosti Reality, has offered Rs 1,200 crore in cash to the banks, Rs 4,000 crore of land parcel and the rest in form of long-term non-convertible debentures in the insolvency auction, sources privy to the development said. A small equity stake to lenders is also part of the offer.