DHFL had availed various term loan facilities of more than Rs 4,000 crore and working capital facilities of Rs 450 crores. Wadhawan had provided unconditional and irrevocable guarantees toward the credit facilities granted by the public sector lender to DHFL. On November 20, 2019, the central bank superseded the board of DHFL and appointed R Subramaniakumar as the company administrator.
The PSU bank hit a fresh 52-week high of Rs 161.85 – a level last seen in December 2017. The stock remained flat in the past month but has risen more than 20% in the last 3 months.
Madhu Nair has been appointed as the CEO of Union Mutual Fund, replacing G Pradeepkumar. Nair brings experience from HSBC Mutual, Invesco MF, Kotak MF, and Kothari Pioneer MF. Union Mutual Fund manages assets worth Rs 13,595 crore.
Last month, Omkara ARC beat competitor Asset Reconstruction Company of India (Arcil) with a ₹38 crore cash offer to Chennai-based Indian Bank in a Swiss challenge. Separately, Arcil has emerged as the preferred bidder to take over the ₹113 crore debt owed to Union Bank of India, the lead lender in the case.