DHFL creditors vote in favour of Piramal’s Rs 372 billion bid: Report
- The Piramal Group had offered a takeover bid of Rs 372.5 billion
- DHFL had accumulated debts worth nearly Rs 1 trillion rupees before it began defaulting on payments to its creditors
- Piramal's resolution plan received nearly 94% of the votes
Lenders of the Dewan Housing Finance Corporation Limited (DHFL) on Sunday voted in favour of the takeover bid submitted by the Piramal Group, Reuters reported quoting a source familiar with the matter.
The Piramal Group had offered a takeover bid of Rs 372.5 billion for the troubled ‘shadow’ lender.
The report stated that the creditors had finished voting on Friday evening, but the result has not been released officially yet.
DHFL, which is one of India’s top ‘shadow’ lender, had accumulated debts worth nearly Rs 1 trillion rupees before it began defaulting on payments to its creditors.
In order to revive the troubled lender, three entities had been invited to bid on the entire loan book of DHFL. The three bidders were – Piramal Group, Adani Group and a US-based asset management company Oaktree Capital.
Creditors on Friday approved Piramal’s bid. The resolution plan received nearly 94% of the votes, reported Bloomberg.
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