I don't agree with the accepted answer.
A DHCP client that has an ip address for which the lease has not yet expired or is not in the renewal phase does not go through the DORA process upon reboot. The DHCP client will request to continue using it's currently leased ip address. Furthermore, a DHCP client attempting to renew it's currently leased ip address does not go through the DORA process. If that's what you and Mallik are referring to when you mention "DHCP handshake", then that's wrong.
Although I've never seen the scenario you describe I'm assuming that the DHCP client would get the new ip address lease time upon reboot when it recieves the ACK from the server to it's request to continue using the currently leased ip address.
For a client that doesn't currently have a an ip address the DHCP process is as such:
D = Discover
O = Offer
R = Request
A = Acknowledge
For a client that currently has a valid ip address for which the lease has not yet expired the process is as such:
R = Request (to continue using the currently leased ip address)
A = Acknowledge