Earlier this week, DHFL had announced Piramal group s resolution plan getting approval from the RBI. Pursuant to the receipt of no objection from Reserve Bank of India as per Insolvency and Bankruptcy Rules, 2019, the administrator of Dewan Housing Finance Corporation Limited (DHFL) has filed an application for submission of resolution plan of Piramal Capital & Housing Finance Limited (PCHFL) with the adjudicating authority NCLT, Mumbai Bench, DHFL said in a regulatory filing. The resolution plan has been approved by the Committee of Creditors (CoC). In November 2019, the Reserve Bank had referred DHFL, the third-largest pure-play mortgage lender, to the National Company Law Tribunal (NCLT) for insolvency proceedings.
Image: Getty Images Why transformation is a buzzword at Piramal Billionaire industrialist Ajay Piramal is in makeover mode. He wants to remould his conglomerate into a well-diversified NBFC and a pharma firm, which would both be giants in their respective spaces.
Feb 18, 2021
Ajay Piramal is on a mission. The 65-year-old billionaire industrialist and chairman of Piramal Group, who recently wrapped up a mega acquisition of the beleaguered DHFL, is taking his flagship Piramal Enterprises Ltd (PEL) through a series of transformations to remould the multi-sector conglomerate into focussed, listed entities in financial services and pharmaceuticals sectors. The long, laborious journey from a real estate wholesale lending entity to a well-diversified non-banking finance company has already begun in earnest.
DHFL Bidding: Creditors Declare Piramal Group Successful Bidder moneycontrol.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneycontrol.com Daily Mail and Mail on Sunday newspapers.
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).
At the onset, Piramal summarized the reasons why the bid by Piramal Capital Housing & Finance Limited (PCHFL) for DHFL is the strongest, in his view. As an Indian entity, our backstop offer to DHFL lenders, in case the standalone sale process does not gain traction, is fully implementable and comfortably within the ambit of current ownership rules on insurance, and the corresponding IRDA guidelines. As it currently stands, the competing foreign financial investor’s resolution plan is unimplementable till such time that a credible, regulatorily acceptable alternate buyer for the insurance business emerges, wrote Piramal, referring to the competing bid by US-based investment firm Oaktree Capital.