Daily Current Affairs 2021 Reserve Bank of India Approved DHFL Takeover: Piramal Group | Daily Current Affairs 2021

Reserve Bank of India Approved DHFL Takeover: Piramal Group

Posted by
Subscribe for News Feed

“RBI has approved the DHFL resolution plan from Piramal Capital and Housing Finance, submitted by the committee of creditors,” the Piramal Group said in a statement.

Piramal Group said on Thursday India’s central bank had approved its takeover of Dewan Housing Finance Corp, once the country’s fourth-largest housing finance company, before it defaulted on its debt. Lenders voted last month in favour of the group’s takeover bid, worth 372.5 billion rupees ($5.1 billion). “The Reserve Bank of India (RBI) has approved the DHFL resolution plan from Piramal Capital and Housing Finance, submitted by the committee of creditors,” the Piramal Group said in a statement.

The RBI did not immediately respond to an email request for comment. Discussions on restructuring DHFL’s debt ran for months, with Adani Group, Piramal Group and U.S.-based asset management company Oaktree Capital Management being invited to bid for its entire loan book.

Of DHFL’s total debt of almost 1 trillion rupees, banks were owed 400 billion rupees.

Source: NDTV

Subscribe for News Feed

Leave a Reply

Your email address will not be published. Required fields are marked *

*