DHFL bid: Committee of creditors to meet today to take call on bidders
Oaktree Capital and Piramal Capital & Housing Finance have emerged as top bidders in fourth round, trumping Adani Properties that entered via a lateral entry in third round. CoC will likely go with one promising higher upfront cash
BusinessToday.In | December 18, 2020 | Updated 10:22 IST
Creditors intend to finalise DHFL resolution by January.
The committee of creditors (CoC) of Dewan Housing Finance Corporation Ltd (DHFL) will take a final call on bids received for the beleaguered housing finance company today. DHFL, undergoing corporate insolvency resolution process, received four bids, of which two are main contenders.
Share market investors playing with fire in junk stock DHFL
The stock that crashed to a low of Rs 8.40 in April this year has now gained a whopping 285 per cent in just nine months to touch Rs 32 per share
Anand Adhikari | December 18, 2020 | Updated 13:18 IST
There are 3.25 lakh equity investors in DHFL as on September 30, 2020
Ever since the sale process of beleaguered Dewan Housing Finance Corporation Ltd (DHFL) commenced with high profile bidders like Piramal, Adani and Oaktree, investors in the stock market are making a beeline for a near junk stock. The stock that crashed to a low of Rs 8.40 in April this year has now gained a whopping 285 per cent in just nine months to touch Rs 32 per share.
Financials stocks were trading in the negative zone, with the S&P BSE Finance index falling 79.9 points or 1.15% at 6891.64 at 13:48 IST. Among the components of the S&P BSE Finance index, Dewan Housing Finance Corporation Ltd (down 4.99%), Reliance Capital Ltd (down 4.93%),AU Small Finance Bank Ltd (down 4.65%),Dolat Investments Ltd (down 4.28%),Centrum Capital Ltd (down 4.25%), were the top losers. Among the other losers were RBL Bank Ltd (down 3.76%), Central Bank of India (down 3.72%), IFCI Ltd (down 3.2%), IndusInd Bank Ltd (down 3.15%), and Union Bank of India (down 2.97%). On the other hand, JSW Holdings Ltd (up 3.87%), Cholamandalam Financial Holdings Ltd (up 1.11%), and Paisalo Digital Ltd (up 0.88%) moved up.
Share market investors playing with fire in junk stock DHFL
The stock that crashed to a low of Rs 8.40 in April this year has now gained a whopping 285 per cent in just nine months to touch Rs 32 per share
Anand Adhikari | December 18, 2020 | Updated 13:18 IST
There are 3.25 lakh equity investors in DHFL as on September 30, 2020
Ever since the sale process of beleaguered Dewan Housing Finance Corporation Ltd (DHFL) commenced with high profile bidders like Piramal, Adani and Oaktree, investors in the stock market are making a beeline for a near junk stock. The stock that crashed to a low of Rs 8.40 in April this year has now gained a whopping 285 per cent in just nine months to touch Rs 32 per share.
Kapil Wadhawan, the promoter of Dewan Housing Finance Corporation Ltd (DHFL), which is facing
CBI and ED investigations, has written to the RBI-appointed administrator overseeing the company’s insolvency proceedings to consider his
settlement proposal instead of permitting the sale of DHFL for ‘a song’.
Wadhawan claimed that thanks to a recent
RBI policy, DHFL can be easily converted into a bank, which has generated “significant interest” in the company.
“This is one more reason why I would beseech the Administrator and the Committee of Creditors not to accept any bid which does not provide for full repayment to every single lender,” Wadhawan wrote. In his latest letter, which was marked to the Ministry of Corporate Affairs and the RBI as well, Wadhwan wrote: “My proposal provides for a full repayment of 100 per cent principal to all creditors within 7-8 years with an upfront payment of Rs 9,000 crore. If the bids received for DHFL continue to be as low as the