Piramal completes DHFL buy, pays Rs 34,250 crore
3 years, 3 months ago

Piramal completes DHFL buy, pays Rs 34,250 crore

Deccan Chronicle  

New Delhi: Piramal Enterprises on Wednesday said that it has completed the acquisition of Dewan Housing Finance Ltd by paying Rs 34,250 crore to the creditors of the beleaguered housing finance company. Giving details of the transaction, Ajay Piramal chairman, Piramal Group, in a virtual press conference said the total consideration paid by the group, of around Rs 34,250 crore at the completion of the acquisition, includes an upfront cash component of Rs 14,700 crore and issuance of debt instruments of Rs 19,550 crore. The merged entity will be called Piramal Capital and Housing Finance Limited and would be 100 per cent owned by Piramal Enterprises Limited. The merged entity combines Piramal’s financial strength with DHFL’s geographic footprint and distribution network of 301 branches and 2,338 employees catering to one million lifetime customers across 24 states.

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History of this topic

Piramal Enterprises Gains 2% As Subsidiary Acquires Mumbai's Piramal Tower For Rs 875 Cr
1 year ago

Piramal Enterprises Gains 2% As Subsidiary Acquires Mumbai's Piramal Tower For Rs 875 Cr

News 18  

Shares of Piramal Enterprises gained over 2 per cent to hit the day’s high of Rs 922 on December 27 after its subsidiary acquired Piramal Consumer Products Private Ltd is acquiring Piramal Tower located at Peninsula Corporate Park, Lower Parel, Mumbai for Rs 875 crore. “…we wish to inform you that Piramal Consumer Products Private Limited, a wholly-owned subsidiary of …

Has DHFL’s Resolution Plan Suffered A Setback? NCLAT Asks CoC To Reconsider
2 years, 11 months ago

Has DHFL’s Resolution Plan Suffered A Setback? NCLAT Asks CoC To Reconsider

ABP News  

Mumbai: In a latest development, the National Company Law Appellate Tribunal has recently asked the committee of creditors of DHFL to reconsider Piramal Capital and Housing Finance assigning a value of only Rs 1 to the bad loans of the bankrupt mortgage lender that Piramal acquired last year. According to the report, the principal valuation of recoverable assets are set …

Piramal Group Acquires DHFL. What it Means for DHFL FD Holders, Affordable Housing
3 years, 3 months ago

Piramal Group Acquires DHFL. What it Means for DHFL FD Holders, Affordable Housing

News 18  

Piramal Enterprises led by billionaire Ajay Piramal on Wednesday announced that the acquisition of Dewan Housing Finance Corporation by paying the latter’s creditors Rs 38,000 crore. This includes Rs 34,250 crore to be paid by Piramal Capital and Housing Finance in cash and non-convertible debentures, and Rs 3,800 crore from the cash balance of DHFL. This accelerates our plans to …

Piramal group acquires DHFL, pays ₹14,700 crore in cash
3 years, 3 months ago

Piramal group acquires DHFL, pays ₹14,700 crore in cash

The Hindu  

Piramal Enterprises Ltd on Wednesday said it has formally acquired the bankrupt Dewan Housing Finance Corporation Ltd by making the cash payment of ₹14,700 crore to creditors as per the resolution plan. DHFL has been acquired by Piramal for total consideration of ₹34,250 crore which includes an upfront cash component of ₹14,700 crore paid on Wednesday and issuance of debt …

DHFL creditors reject plan to give FD holders more
3 years, 6 months ago

DHFL creditors reject plan to give FD holders more

Hindustan Times  

The committee of creditors to Dewan Housing Finance Corp. Ltd has overwhelmingly rejected a proposal to increase recoveries for smaller investors, including fixed deposit and debenture holders. Meanwhile, fixed depositors plan to challenge the approval of the Piramal group’s resolution plan in the National Company Law Appellate Tribunal. Lenders rejected the proposal with a majority of 89.19% at Tuesday’s vote, …

DHFL Shares to be Delisted from Stock Exchanges After Acquisition by Piramal
3 years, 7 months ago

DHFL Shares to be Delisted from Stock Exchanges After Acquisition by Piramal

News 18  

Dewan Housing Finance Corporation on Tuesday said that the company’s equity shares will be delisted from the stock exchanges post acquisition by Piramal Capital and Housing Finance. “As part of the Resolution Plan, the equity shares of the Company are proposed to be delisted,” DHFL said in an exchange filing. The Mumbai-bench of the National Company Law Tribunal on Monday …

DHFL shares may get delisted post acquisition by Piramal
3 years, 7 months ago

DHFL shares may get delisted post acquisition by Piramal

Live Mint  

Debt-ridden mortgage firm DHFL's shares would be delisted from stock exchanges post acquisition by Piramal Capital and Housing Finance, which has emerged as the successful bidder for the company. As part of resolution process under the Insolvency and Bankruptcy Code, lenders led by Union Bank of India in January this year favoured the bid by Piramal Capital and Housing Finance …

DHFL Q4 results: Firm back in black, posts ₹96.75 cr profit
3 years, 7 months ago

DHFL Q4 results: Firm back in black, posts ₹96.75 cr profit

Live Mint  

Dewan Housing Finance Corporation Limited has reported a consolidated net profit of ₹96.75 crore for the quarter ended March 31, 2021. The housing finance company had posted a consolidated loss of ₹7,507.01 crore in the corresponding quarter of the previous fiscal. For the complete quarter ended March 31, 2021, the housing finance company saw its consolidated net loss widen to …

Piramal to Delist DHFL, Shareholders to be Wiped Out
3 years, 11 months ago

Piramal to Delist DHFL, Shareholders to be Wiped Out

News 18  

Piramal Group is all set to delist the shares of the Dewan Housing Finance Corp. Ltd, according to the people aware of the plan. Piramal has also decided to merge the home financier with Piramal Capital Housing Finance Ltd. Because of the plan, thousands of the shareholders of DHFL are set to be wiped out. Over the past few months, …

Primal Capital's Bid Gets Approval by DHFL Creditors
3 years, 11 months ago

Primal Capital's Bid Gets Approval by DHFL Creditors

News 18  

The creditors of Dewan Housing Finance Corporation Ltd have approved the resolution plan submitted by Piramal Capital and Housing Finance Limited. According to a regulatory filing released on Sunday, DHFL has said that the company has approved the resolution plan submitted by Piramal Capital and Housing Finance Limited by CoC by majority voting under section 30 of the Insolvency and …

Billionaire Ajay Piramal to take over DHFL
3 years, 11 months ago

Billionaire Ajay Piramal to take over DHFL

Live Mint  

Billionaire Ajay Piramal’s conglomerate won bidding for bankrupt Indian shadow lender Dewan Housing Finance Corp., advancing a keenly watched insolvency that’s been a test of the country’s bankruptcy system. A resolution plan for Dewan from Piramal Enterprises Ltd.’s own shadow bank, Piramal Capital & Housing Finance Ltd., was approved by Dewan’s committee of creditors in a vote on Friday, according …

DHFL resolution: Lenders approve Piramal's bid
3 years, 11 months ago

DHFL resolution: Lenders approve Piramal's bid

Hindustan Times  

Debt-ridden mortgage lender DHFL Ltd on Sunday said the Committee of Creditors has approved resolution plan submitted by Piramal Capital and Housing Finance Limited, a Piramal Group company. The "resolution plan submitted by Piramal Capital and Housing Finance Limited was duly approved by CoC by majority voting under section 30 of the Insolvency & Bankruptcy Code.as the successful resolution plan," …

How Piramal Group Emerged as Preferred Bidder for DHFL: All You Need to Know
3 years, 11 months ago

How Piramal Group Emerged as Preferred Bidder for DHFL: All You Need to Know

News 18  

The intense bidding war for beleaguered mortgage lender Dewan Housing Finance Corporation has been won by Piramal Group at the end of voting by the Committee of Creditors on Friday, reported moneycontrol.com quoting a person familiar with the development. ‘PIRAMAL GROUP WINS BIG’ * According to another person in the know, the Piramals got over 94 per cent votes, way …

Piramal-DHFL Bid: Why is the Resolution Important and What it Means for Creditors
3 years, 11 months ago

Piramal-DHFL Bid: Why is the Resolution Important and What it Means for Creditors

News 18  

Ajay Piramal-led Piramal Capital & Housing Finance Limited has emerged as the winning bidder for Dewan Housing Finance Limited, after almost 94 per cent of the creditors voted in its favour. Piramal Enterprises, a diversified Indian conglomerate, and American asset management company Oaktree have both made bids in the range of Rs 37,000-38,000 crore. Besides the financial aspects, creditors also …

Piramal makes his case as bid for DHFL intensifies
4 years ago

Piramal makes his case as bid for DHFL intensifies

Live Mint  

Billionaire Ajay Piramal on Monday made a strong case for the resolution plan submitted by his group for the troubled Dewan Housing Finance Corp. Ltd. In a letter to DHFL’s administrator R. Subramaniakumar, he said Piramal Capital and Housing Finance Ltd ’s resolution plan offers high certainty and can be implemented irrespective of the outcome of the sale of the …

Piramal, Oaktree agree to sweeten DHFL bids
4 years ago

Piramal, Oaktree agree to sweeten DHFL bids

Live Mint  

The race to acquire bankrupt Dewan Housing Finance Corp. Ltd has intensified with top bidders Oaktree Capital Management and Piramal Group offering to sweeten their bids as the sale process entered final negotiations, two people directly aware of the developments said. Sarvesh Kumar Sharma/Mint In the latest meeting with the lenders on 18 December, Piramal group proposed to invest an …

DHFL Insolvency Case: Auditor Grant Thornton Flags Fraudulent Transactions Worth Rs 17,394 Crore
4 years, 4 months ago

DHFL Insolvency Case: Auditor Grant Thornton Flags Fraudulent Transactions Worth Rs 17,394 Crore

News 18  

Fraudulent transactions worth Rs 17,394 crore happened at debt-ridden mortgage firm DHFL during FY07 to FY19, according to transaction auditor Grant Thornton. Earlier this year, the administrator of Dewan Housing Finance Corporation Limited, appointed under the Insolvency and Bankruptcy Code, obtained assistance from Grant Thornton to conduct investigation into the affairs of the mortgage firm. "…and additionally Rs 3,348 crore …

Yes Bank: prime properties in Delhi, Mumbai under ED scanner
4 years, 9 months ago

Yes Bank: prime properties in Delhi, Mumbai under ED scanner

The Hindu  

The Enforcement Directorate has started the process for attaching over a dozen properties in the posh localities of Delhi and Mumbai in connection with the case against crisis-hit Yes Bank’s promoter-director Rana Kapoor and others. The ED probe has revealed that the accused persons had invested about ₹6,000 crore through 78 companies, most of which were floated in the name …

Reserve Bank of India supersedes DHFL board
5 years, 1 month ago

Reserve Bank of India supersedes DHFL board

Deccan Chronicle  

Mumbai: The Reserve Bank of India on Wednesday superseded the board of debt-laden Dewan Housing Finance Corporation Limited owing to governance concerns and defaults in meeting various payment obligations by the mortgage lender. However, corporate watchers said the RBI superseding the DHFL board is an action that has come too late, as DHFL is now left with assets that its …

DHFL board approves plan to convert debt into equity, sell assets to raise more capital
5 years, 4 months ago

DHFL board approves plan to convert debt into equity, sell assets to raise more capital

Firstpost  

Bengaluru: Crisis-hit shadow bank Dewan Housing Finance Corp said on Friday its board had approved a plan that included converting debt into equity, even as it seeks to sell assets and raise more capital. The conversion of debt into equity may result in a change in ownership, the company said in a regulatory filing, adding that the plan still needed …

DHFL says working with creditors to resolve issues without any haircut to lenders
5 years, 5 months ago

DHFL says working with creditors to resolve issues without any haircut to lenders

Firstpost  

New Delhi: Crisis-hit home loan and property finance company DHFL on Monday said it is working with stakeholders and creditors to ensure resolution of liquidity issues, without any hair cut to the lenders. DHFL has also cleared a significant amount of obligation to the tune of Rs 41,800 crore since September 2018, it added. Since September 2018, DHFL has managed …

DHFL crisis: Bankers likely to recast crisis-hit housing finance company's outstanding loans of over Rs 38,000 cr
5 years, 6 months ago

DHFL crisis: Bankers likely to recast crisis-hit housing finance company's outstanding loans of over Rs 38,000 cr

Firstpost  

On 25 June, DHFL said it failed to make Rs 225 crore payment of unsecured commercial paper payment. In a major relief to the crisis-hit Dewan Housing Finance Corp Ltd, bankers to the Mumbai headquartered housing finance company may recast its outstanding loans of over Rs 38,000 crore, said a media report. DHFL, which owes nearly Rs 90,000 crore to …

DHFL defaults on Rs 225 cr commercial paper payments due on 25 June, misses deadline again
5 years, 6 months ago

DHFL defaults on Rs 225 cr commercial paper payments due on 25 June, misses deadline again

Firstpost  

Crisis-hit Dewan Housing Finance Limited said it has failed to make Rs 225 crore payment of unsecured commercial paper payment which was due on 25 June. Earlier this month, DHFL, after defaulting on its debt obligations, said it is taking all necessary steps to meet repayments within the seven-day grace period and prevent any future default. DHFL, the third-largest pure-play …

DHFL to use ₹500 crore proceeds from Aadhar Housing stake sale towards NCD payment
5 years, 6 months ago

DHFL to use ₹500 crore proceeds from Aadhar Housing stake sale towards NCD payment

Live Mint  

DHFL will use the ₹500 crore it got from selling stake in subsidiary firm Aadhar Housing Finance Limited towards payment of bonds, sources said Tuesday. The promoter of Aadhar Housing --Wadhawan Global Capital, DHFL, Kapil Wadhawan, Dheeraj Wadhawan and Aruna Wadhawan, who all formed part of promoter and promoter group of DHFL have completely exited Aadhar from June 10, 2019, …

Dewan Housing shares again in red as investors give weight to Cobrapost charges
5 years, 11 months ago

Dewan Housing shares again in red as investors give weight to Cobrapost charges

Live Mint  

Dewan Housing Finance shares eroded further in today’s trade after an 8% fall Tuesday. Investors seemed to give more weight to allegations leveled by portal Cobrapost against the company’s promoters, ignoring the news of the company raising ₹1,375 crore from securitization of loans. The money has been used to buy shares/equity and other private assets in India, and abroad, including …

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