DHFL bidding: CoC declares Piramal as successful bidder
Billionaire Ajay Piramal s Piramal Group has emerged as the preferred bidder for debt-laden mortgage lender DHFL
BusinessToday.In | January 23, 2021 | Updated 00:53 IST
Piramal Capital and Housing Finance emerged as successful bidder for DHFL
The creditors of debt-laden mortgage lender Dewan Housing Finance Corporation Ltd (DHFL) has declared Piramal Capital and Housing Finance Ltd (PCHFL), a subsidiary of Piramal Enterprises, as a successful bidder. In a filing to exchange, Piramal Enterprises said that the administrator of DHFL has informed the company of the Committee of Creditors (CoC) decision through a Letter of Intent (LOI).
DHFL share hits upper circuit after lenders approve Piramal s takeover bid
Dewan Housing Finance Corp share rose 4.96% to Rs 27.50 against previous close of Rs 26.20 on BSE
BusinessToday.In | January 18, 2021 | Updated 13:38 IST
DHFL stock opened with a gain of 4.96% today. There were only buyers and no sellers for the stock today.
2qShare of Dewan Housing Finance Corp rose 5% today after the company s creditors voted in favour of a Rs 37,250 crore ($5.09 billion) takeover bid submitted by the Piramal Group for the troubled lender. Dewan Housing Finance Corp share rose 4.96% to Rs 27.50 against previous close of Rs 26.20 on BSE.
The micro cap stock has gained 7.21% in the last 3 days. The stock opened with a gain of 4.96% today. There were only buyers and no sellers for the stock today. The share trades higher than 5 day, 50 day, 100 day and 200 day moving averages but lower than 20 day moving averages.
DHFL Says Committee of Creditors Approved Piramal s Resolution Plan
IANS
2
Dewan Housing Finance Corporation Ltd (DHFL) on Sunday said that its committee of creditors (CoC) has approved the resolution plan of Piramal Capital and Housing Finance Ltd.
The resolution plan submitted by Piramal Capital and Housing Finance Ltd (under Option I in terms of the RFRP dated September 16, 2020) was duly approved by CoC by majority voting under section 30(4) of the Insolvency & Bankruptcy Code read with Reg. 39(3) of CIRP Regulations, as the successful resolution plan, DHFL said in a regulatory filing.
According to sources, Piramal received 94% of the votes from the Committee of Creditors (CoC). The minimum requirement for winning a bid is 66% votes.
Bidding for the bankrupt Indian shadow lender was both a strategic and a platform-driven decision for the billionaire, who trumped competitor Oaktree Capital due to brand familiarity, and better relations with bankers and stakeholders
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.