Tag: dewan housing finance limited

Today (29th Sept. 2021) Piramal Enterprises said that it had completed the acquisition of Dewan Housing Finance Limited (DHFL) by paying the consideration amount of Rs 34,250 crore. This marks the first successful resolution of a financial services company under the Insolvency and Bankruptcy Code (IBC). The total consideration paid by the Piramal Group of Rs 34,250 crores at the completion of the acquisition, includes an upfront cash component of Rs 14,700 crores and issuance of debt instruments of Rs 19,550 crores (10-year NCDs at 6.75% p.a. on a half-yearly basis). Read more

The Piramal Group’s resolution plan for Dewan Housing Finance Limited (DHFL) has been approved by the Mumbai bench of the National Company Law Tribunal (NCLT). The order is subject to the outcome of the appeal in the appellate tribunal and the Supreme Court. Piramal’s plan offers to pay Rs 37,250 crore, with upfront cash of Rs 12,700 crore; it has already been approved by the committee of creditors (CoC), the Reserve Bank of India (RBI), and the Competition Commission of India (CCI). "We are pleased with the judgment today by the Honorable NCLT for approving our resolution plan for DHFL. This follows the endorsement of 94% of lenders, and the subsequent approvals from RBI and CCI, and reiterates the strength and quality of our bid", the Piramal Group said in a statement. Read more