Piramal Capital & Housing Finance acquires DHFL via reverse merger, Real Estate News, ET RealEstate

NEW DELHI: Piramal Capital & Housing Finance (PCHFL), a subsidiary of Piramal Enterprises (PEL), merged with Dewan Housing Finance (DHFL) after PEL paid Rs 34,250 crore to the company’s creditors, said she said Friday in a file on BSE. .

PCHFL merged with DHFL with effect from September 30, 2021 in accordance with the reverse merger contemplated under the plan of arrangement provided for in the resolution plan, the company said in the regulatory filing.

As a result of the reverse merger, DHFL will issue such a number of participation shares to the shareholders of PCHFL, that is to say to PEL, in accordance with the arrangement scheme provided for in the resolution plan, he said. declared.

The acquisition will be made upon the allocation of shares by DHFL to Piramal Enterprises in accordance with the plan of arrangement envisaged in the resolution plan. The estimated turnaround time is four weeks.

Piramal Enterprises will acquire 100 percent of the share capital of DHFL.

“The acquisition is in line with a strategic roadmap to transform and grow the Group’s financial services business. The acquisition provides an opportunity for inorganic growth for the company and takes advantage of operational synergies,” he said. -he declares.

DHFL will issue a number of participating shares to PCHFL shareholders equivalent to the total net value of PCHFL on the date fixed, adjusted for statutory reserves, having a nominal value of Rs 10 each of DHFL

In January 2021, 94% of DHFL’s creditors voted in favor of the Piramal group’s resolution plan under the Bankruptcy and Insolvency Code (IBC). DHFL had gone bankrupt with over Rs 90,000 crore in debt to various lenders.

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