NCLT approves Piramal’s resolution plan for DHFL
Wadhawan had filed a petition at the NCLT, and the order was reserved since January 15.
Wadhawan had filed a petition at the NCLT, and the order was reserved since January 15.
The fundraising comes after the firm received Reserve Bank of India’s approval to acquire debt-ridden Dewan Housing Finance Corporation Ltd (DHFL).
Earlier this week, DHFL had announced Piramal group's resolution plan getting approval from the RBI.
The other major contender for the debt-ridden NBFC was US-based Oaktree Capital which secured around 45 per cent of the votes, while Adani Capital was able to secure 18 per cent votes.
A sum of Rs 18,000 crore will be repaid within a period of five years in equal annual instalments, following a five-year moratorium with 11 per cent per annum interest.
The interest income in Q2 increased 3 per cent year-on-year (YoY) to Rs 2,190 crore, total expenses saw a massive decline of 49 per cent YoY to Rs 4,972 crore.
DHFL is the first financial services company which has been sent to NCLT under the insolvency and bankruptcy code (IBC).
In its last meeting on October 26, COC had asked all the four bidders to revise their bids as their bids were too low.
After tumbling to 6.73 per cent to Rs 34.60 on the BSE, lender’s shares were trading at Rs 35.05, down by 5.53 per cent at 1.45 pm.
As per the reports, the properties attached includes bungalow in Delhi at 40, Amrita Shergil Marg and his flats in Mumbai’s Worli and Indiabulls One.
