Piramal Group acquired DHFL, paid Rs 34,250 crore to creditors

DHFL GROUP

DHFL GROUP

Piramal Enterprises on Wednesday stated it has finished the purchase of Dewan Housing Finance (DHFL) through paying Rs 34,250 crore to lenders of the housing finance company. The corporation stated the lenders of DHFL, which include constant deposit (FD) holders, could get a better and combined quantity of Rs 38,000 crore from the decision procedure of DHFL. 

The quantity incorporates about Rs 34,250 crore to be paid via way of means of Piramal Capital and Housing Finance Ltd (PCHFL) as a mixture of coins and NCDs, and an quantity of about Rs 3,800 crore that is the entitlement of lenders as in step with the decision plan from the coins stability to be had with DHFL, the employer stated. Piramal Group Chairman Ajay Piramal stated the transaction marks a a success closure of the primary decision under the IBC guidelines withinside the monetary offerings quarter and units a precedent for destiny resolutions. 

“We have now made the price of the attention quantity. In price terms, the transaction is amongst the most important resolutions to date. We will merge PCHFL and DHFL and the merged entity could be known as Piramal Capital and Housing Finance Limited,” he stated. The merger will take place withinside the subsequent couple of weeks, Piramal stated.

The merged entity can be 100% owned through Piramal Enterprises Limited. The overall attention paid through the Piramal Group of Rs 34,250 crore consists of an in advance coins aspect of Rs 14,seven hundred crore and issuance of debt devices of Rs 19,550 crore (10-12 months NCDs at 6.75% according to annum on a half-every year basis. Piramal stated there have been 70,000 lenders of DHFL and maximum of them are getting better about 46% in their pending dues through the success crowning glory of this process. 

This transaction will now no longer simplest develop the retail mortgage ee-e book to almost 5 times, however additionally cause a big diversification of the general mortgage ee-e book, he stated. “We can get admission  to over one million clients and presence in 301 branches throughout 24 states of India,” he stated. — PTI. 

First decision below IBC regulations 

• Piramal Group Chairman Ajay Piramal stated the transaction marks a a success closure of the primary decision below the IBC guidelines withinside the monetary offerings zone and units a precedent for destiny resolutions .

• The quantity paid through the Piramal Group of Rs34,250 crore consists of an in advance coins factor of Rs14,seven hundred crore and issuance of debt units of Rs19,550 crore

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