BENGALURU: Shares in India s Dewan Housing Finance Corp Ltd (
DHFL) jumped on Monday after the troubled mortgage lender s creditors voted in favour of a $5 billion takeover bid from the Piramal Group. The stock, which gained 76 per cent last year after two years of sharp falls, rose 5 per cent in early trading and hit an upper price limit of 27.55 rupees. Once one of India s biggest non-banking financial companies (NBFCs), or shadow banks, DHFL had accumulated debts of almost 1 trillion rupees ($13.7 billion) before defaulting on payments to its creditors. The NBFC industry, a key source of credit to millions, has been plagued by a credit crunch triggered by the collapse of lending major IL&FS in 2018.