Piramal Group acquires DHFL at cost of ₹34,250 crore.
Piramal Group on Wednesday announced that it has completed the acquisition of housing finance firm Dewan Housing Finance Corporation (DHFL) and a total consideration of ₹34,250 crore has been paid for the same. As a part of the process, Piramal Capital and Housing Finance Ltd (PCHFL) will merge with DHFL.
There were around 70,000 creditors of DHFL and most of them are recovering nearly 46% of their pending dues through the successful completion of resolution process. The total consideration paid by the Piramal Group at the completion of the acquisition includes an upfront cash component of ₹14,700 crore and issuance of debt instruments of ₹19,550 crores (10-year NCDs at 6.75% p.a. on a half-yearly basis).