Piramal Enterprise bought DHFL for Rs 38,050 crore

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- 94% of DHFL's creditors voted in favor of Piramal's settlement plan

New delhi date. Wednesday, September 29, 2021

Piramal Enterprises has bought distressed company Dewan Housing Finance Limited (DHFL) for Rs 38,050 crore. Piramal called it a successful financial settlement through IBC. According to the deal, Piramal will pay Rs 34,250 crore as a combination of cash and non-convertible debentures. The rest of the debt will then be paid off.

Notably, 94 per cent of DHFL's creditors voted in favor of Piramal's settlement plan. Piramal has also got approval from RBI, CCI and NCLT for this. The company said DHFL has about 70,000 debtors, of which about 46 per cent will receive their arrears through the settlement scheme.

Following the deal, Piramal Capital and Housing Finance (PCHFL) and DHFL will be merged. It will be 100 per cent owned by Piramal Enterprises. After the merger, it will become the country's leading housing finance company.

The new company will focus on providing affordable housing loans and will have about 1 million customers. Notably, PCHFL currently operates in 24 states of the country. It has 301 branches with about 2,338 employees.

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