Piramal’s bid for DHFL gets RBI green signal

By | February 21, 2021

Piramal’s bid for DHFL will get RBI inexperienced sign

Piramal Enterprises in its December quarter earnings (Q3FY21) said that total consideration of Rs 34,250 crore for DHFL included Rs 14,700-crore upfront cash and non-convertible debentures (NCDs) of Rs 19,550 crore.Piramal Enterprises in its December quarter earnings (Q3FY21) stated that whole consideration of Rs 34,250 crore for DHFL included Rs 14,700-crore upfront money and non-convertible debentures (NCDs) of Rs 19,550 crore.

By Ankur Mishra

Piramal Capital and Housing Finance (PCHFL) has acquired a nod from the Reserve Financial institution of India (RBI) to take over Dewan Housing Finance Company (DHFL). The regulator has cleared Piramal’s bid for the burdened mortgage financier below its ‘match and correct’ framework, sources stated. The administrator at DHFL will now transfer the Nationwide Firm Legislation Tribunal (NCLT), Mumbai, to hunt approval of PCHFL’s decision plan for DHFL. With a complete consideration of Rs 34,250 crore, PCHFL’s decision plan had acquired 94% votes by committee of collectors (CoC). Piramal’s decision plan will allow lenders to get well round 40% of their dues, out of the entire admitted claims at Rs 87,082 crore as per sources.

Piramal Enterprises in its December quarter earnings (Q3FY21) stated that whole consideration of Rs 34,250 crore for DHFL included Rs 14,700-crore upfront money and non-convertible debentures (NCDs) of Rs 19,550 crore. In an interplay with analysts after earnings, the administration disclosed that it anticipated DHFL transaction to shut by mid-June this 12 months.

Rajesh Laddha, government director (ED) and group chief monetary officer (CFO) at Piramal Enterprises, stated, “If there are usually not any important litigations, we anticipate the method to recover from in 2-3 months’ time, which can take us to April-Might.” He additional stated that it might be round 30-45 days course of after that to shut the deal. “So, I believe it will likely be round Might-end or mid-June for the merger to get accomplished.”
As per decision plan submitted to lenders, Piramal will delist the shares of DHFL and merge it with PCHFL.

Of the entire admitted claims of Rs 87,082 crore, SBI is the lead creditor to DHFL with Rs 7,107-crore publicity. JP Morgan in its report on SBI stated, “We estimate restoration from two massive accounts (DHFL and Bhushan Metal) can internet SBI an added Rs 8,000 crore and maintain earnings momentum into Q4FY21 and supply further buffer on provisions given these are written off accounts.”

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