In a regulatory filing, Piramal Enterprises said it’s been issued the Letter of Intent (LoI) by the administrator of DHFL on January 22.
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var titStr=”;var editw=”; var typevar=”; var pparr= new Array(‘Monitoring your investments regularly is important.’,’Add your transaction details to monitor your stock`s performance.’,’You can also track your Transaction History and Capital Gains.’); var phead =’Why add to Portfolio?’; if(secglbVar ==1) { var stkdtxt=’this stock’; var fltxt=’ it ‘; typevar =’Stock ‘; if(lastRsrs.length>1){ stkdtxt=’these stocks’; typevar =’Stocks ‘;fltxt=’ them ‘; } } //var popretStr =lvPOPRHS(phead,pparr); //$ (‘#poprhsAdd’).html(popretStr); //$ (‘.btmbgnwr’).show(); var tickTxt =’‘; if(typparam1==1) { var modalContent = ‘Watchlist has been updated successfully.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //var existsFlag=$ .inArray(‘added’,newappndStr[1]); //$ (‘#toptitleTXT’).html(tickTxt+typevar+’ to your watchlist’); //if(existsFlag == -1) //{ // if(lastRsrs.length > 1) // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exist in your watchlist’); // else // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exists in your watchlist’); // //} } //$ (‘.accdiv’).html(”); //$ (‘.accdiv’).html(appndStr); } }, //complete:function(d){ // if(typparam1==1) // { // watchlist_popup(‘open’); // } //} }); }); } else { var disNam =’stock’; if($ (‘#impact_option’).html()==’STOCKS’) disNam =’stock’; if($ (‘#impact_option’).html()==’MUTUAL FUNDS’) disNam =’mutual fund’; if($ (‘#impact_option’).html()==’COMMODITIES’) disNam =’commodity’; alert(‘Please select at least one ‘+disNam); } } else { AFTERLOGINCALLBACK = ‘overlayPopup(‘+e+’, ‘+t+’, ‘+n+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function pcSavePort(param,call_pg,dispId) { var adtxt=”; if(readCookie(‘nnmc’)){ if(call_pg == “2”) { pass_sec = 2; } else { pass_sec = 1; } var url = ‘//www.moneycontrol.com/mccode/common/saveWatchlist.php’; $ .ajax({url:url, type:”POST”, //data:{q_f:3,wSec:1,dispid:$ (‘input[name=sc_dispid_port]’).val()}, data:{q_f:3,wSec:pass_sec,dispid:dispId}, dataType:”json”, success:function(d) { //var accStr= ”; //$ .each(d.ac,function(i,v) //{ // accStr+=”+v.nm+”; //}); $ .each(d.data,function(i,v) { if(v.flg == ‘0’) { var modalContent = ‘Scheme added to your portfolio.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //$ (‘#acc_sel_port’).html(accStr); //$ (‘#mcpcp_addportfolio .form_field, .form_btn’).removeClass(‘disabled’); //$ (‘#mcpcp_addportfolio .form_field input, .form_field select, .form_btn input’).attr(‘disabled’, false); // //if(call_pg == “2”) //{ // adtxt =’ Scheme added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //else //{ // adtxt =’ Stock added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //$ (‘#mcpcp_addprof_info’).css(‘background-color’,’#eeffc8′); //$ (‘#mcpcp_addprof_info’).html(adtxt); //$ (‘#mcpcp_addprof_info’).show(); 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The Committee of Creditors of beleaguered Dewan Housing Finance Corporation Ltd (DHFL) has declared Piramal Capital and Housing Finance Ltd (PCHFL) – a wholly-owned subsidiary of Piramal Enterprises Ltd – as successful bidder, the company said on January 22.
Piramal Enterprises said in a regulatory filing that it has been issued the Letter of Intent (LoI) by the administrator of DHFL.
Banking Central: Now that DHFL bidding war is over what awaits various stakeholders?
“We wish to inform you that the Administrator of DHFL vide Letter of Intent (‘LOI’) dated 22nd January, 2021, has intimated that the Committee of Creditors of DHFL have declared Piramal Capital & Housing Finance Limited (‘PCHFL’), wholly owned subsidiary of the Company, as the Successful Resolution Applicant in relation to the Corporate Insolvency Resolution Process of DHFL under the Insolvency & Bankruptcy Code, 2016 and identified the resolution plan submitted by PCHFL, as the Successful Resolution Plan,” Piramal Enterprises said in the filing.
The company also said the implementation of the resolution plan is subject to the terms of the LOI and requisite approvals from Reserve Bank of India, and the National Company Law Tribunal, Mumbai Bench, among others under applicable laws.
Billionaire Ajay Piramal’s Piramal Group had emerged as the preferred bidder for the mortgage lender by a distance, beating back competition from Oaktree and Adani Capital, Moneycontrol reported on January 16.
DHFL owes around Rs 91,000 crore to its creditors. The major creditors to debt-laden DHFL include State Bank of India (around Rs 10,000 crore), Bank of India (around Rs 4,125 crore), Canara Bank (Rs 2,681 crore), NHB (Rs 2,434 crore), Union Bank of India (Rs 2,378 crore), Syndicate Bank (Rs 2,229 crore), Bank of Baroda (Rs 2,075 crore), Indian Bank (Rs 1,552 crore), Central Bank (Rs 1,389 crore), IDBI Bank (Rs 999 crore), and HDFC Bank (Rs 361 crore).
The figures may have changed by now to account for accrued interest. As per the lender’s submitted plan, they will have to take about 65-70 percent haircut on their exposure to DHFL. In other words, this means they can recover one-third of what they lent to DHFL.
