Ajay Piramal wins the most contested bankruptcy bid for Dewan Housing Finance Ltd
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Piramal’s bid received about 94 percent of votes of the creditors, followed by Oaktree at 45 percent, sources told ET. Adani Capital obtained about 18 percent, people said people familiar with the voting pattern. Lenders/investors have the option to vote for multiple bids.
DHFL D-Day: Ajay Piramal wins race to acquire Dewan Housing Finance Ltd
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Piramal won the most contested bankruptcy bid for Dewan Housing Finance Ltd., trumping distressed fund Oaktree Capital and Adani Capital as creditors overwhelmingly voted for the drug-maker turned real estate and mortgage lender.
DHFL resolution: Lenders back Piramal s bid
Piramal Enterprises bid received 94 per cent votes as compared to 45 per cent for the US-based Oaktree Capital
PTI | January 16, 2021 | Updated 00:42 IST
Piramal Enterprises bid for debt-ridden DHFL received the most votes from lenders at the close of the voting process on Friday, sources said.
Piramal Enterprises bid received 94 per cent votes as compared to 45 per cent for the US-based Oaktree Capital.
Voting was done on various parameters, including qualitative and quantitative.
After this, the Committee of Creditors (CoC) is likely to meet to take a final call and send its recommendation to the NCLT, the sources added.
Consider the irony. On the one hand, fixed deposit (FD) and non-convertible debenture (NCD)-holders are on the verge of losing a significant chunk of their tax-paid, hard-earned savings in Dewan Housing & Finance Ltd (DHFL), because they relied on dubious and falsely high credit ratings
Consider the irony. On the one hand, fixed deposit (FD) and non-convertible debenture (NCD)-holders are on the verge of losing a significant chunk of their tax-paid, hard-earned savings in Dewan Housing & Finance Ltd (DHFL), because they relied on dubious and falsely high credit ratings
As the DHFL insolvency resolution enters its final phase, markets regulator Sebi has asked the mortgage firm s administrator to explain the claim by a suitor about credit rating of a proposed debt instrument, sources said. The US-based Oaktree Capital in its bid claimed that post resolution, DHFL s NCDs would be assigned an AAA rating if their resolution plan is accepted, they said. As per norms, credit rating agencies cannot indicate a rating of an instrument unless such a rating is given. Such action is barred as it could potentially mislead investors. In a letter dated January 5, Sebi said it has received complaint against unnamed Credit Rating Agencies (CRAs) that have allegedly offered their views to a potential issuer or bidder, Oaktree Capital on a future rating of DHFL resolution plan and instruments which is in violation of regulation.