30/09/2021
Piramal Group completes acquisition of DHFL
📢The Piramal group has completed the acquisition of DHFL as it paid Rs 34250 crore to creditors.
📢The total size of the resolution is Rs 38060 crore, which is about 46% of the total dues to the creditors.
📢Out of this, Rs 34250 crore is being paid by the Piramal group and the balance Rs 3810 crore is cash balance lying with DHFL.
📢Depositors of DHFL got around 23% of their money back.
📢Piramal Enterprises, a listed entity, will merge DHFL into its wholly owned Piramal Capital & Housing Finance, which is a registered housing finance company. "The merger will take place in a couple of weeks.
📢The new entity will retain the name PCHFL.
📢In the financial services sector, this is the first successful resolution under the Insolvency and Bankruptcy Code (IBC) and this is also the largest in terms of value.
