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 evaluated the non-financial part of the bids such as regulatory compliance, company track records and future action plan etc, according to officials who are in the know. In the first round of bidding, Piramal Enterprises offered Rs 15,000 crore for the retail arm of DHFL while Oaktree had offered to pay Rs 27,800 crore for the entire company.

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History of this topic

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 …

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 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 …

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 Group Emerges as Preferred Bidder for Debt-ridden DHFL After Voting by Lenders
3 years, 11 months ago

Piramal Group Emerges as Preferred Bidder for Debt-ridden DHFL After Voting by Lenders

News 18  

Piramal Group emerged as the preferred bidder for troubled mortgage lender Dewan Housing Finance Corporation after the voting by the Committee of Creditors ended on January 15. According to the report, the Piramal Group bagged over 94 per cent votes, way past the required minimum of 66 per cent votes. The Piramal Group had on Saturday claimed that its bid …

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’s case should not take so long to resolve
4 years ago

DHFL’s case should not take so long to resolve

Live Mint  

Unless another surprise springs up, the bankruptcy proceedings of Dewan Housing Finance Corp. Ltd could soon draw to a close, with the ownership of this non-banking financial company placed in fresh hands by its creditors. The Adani Group, which had pushed DHFL’s auction into this fresh round with a controversial unsolicited offer in November that drew protests from other suitors, …

Oaktree Capital emerges highest bidder for Dewan Housing Finance
4 years ago

Oaktree Capital emerges highest bidder for Dewan Housing Finance

Live Mint  

Mumbai: Global alternative asset investor Oaktree Capital management has emerged as the highest bidder for Dewan Housing Finance Corporation Ltd in a revised round of bidding for the troubled mortgage lender, two people directly aware of the development told Mint requesting anonymity. According to the persons cited above, Oaktree Capital has bid ₹32,700 crore followed by Piramal group which has …

Adani may make additions to ₹33,000 cr bid for DHFL
4 years, 1 month ago

Adani may make additions to ₹33,000 cr bid for DHFL

Live Mint  

Billionaire Gautam Adani’s roads-to-mining group has indicated that it can improve on its ₹33,000 crore takeover offer for collapsed housing lender Dewan Housing Finance Corp. Ltd and has sought forfeiture of deposits of bidders seeking to vitiate auction by questioning maximum recovery of public money. In an email written to the administrator, who is running the DHFL auction under insolvency …

Adani Group, Piramal among 4 bidders for DHFL, lenders stare at over ₹60,000 cr write-off
4 years, 2 months ago

Adani Group, Piramal among 4 bidders for DHFL, lenders stare at over ₹60,000 cr write-off

Live Mint  

New Delhi: Adani Group and Piramal Enterprises are among the four entities that have placed bids for DHFL, the first financial services player undergoing insolvency process, according to sources. Therefore, sources said, accepting Oaktree bid would result in a write-off of ₹65,000 crore for the lenders led by State Bank of India. Adani Group has bid for DHFL's ₹40,000-crore wholesale …

Adani Group, Piramal Among 4 Bidders for DHFL, Lenders Stare at Over Rs 60,000 Cr Write-off
4 years, 2 months ago

Adani Group, Piramal Among 4 Bidders for DHFL, Lenders Stare at Over Rs 60,000 Cr Write-off

News 18  

Adani Group and Piramal Enterprises are among the four entities that have placed bids for DHFL, the first financial services player undergoing insolvency process, according to sources. Therefore, sources said, accepting Oaktree bid would result in a write-off of Rs 65,000 crore for the lenders led by State Bank of India. Adani Group has bid for DHFL’s Rs 40,000-crore wholesale …

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