New Delhi, Jan 15 (SocialNews.XYZ) Piramal Group has won the bid to take over Dewan Housing Finance Corporation Ltd (DHFL), sources said.
Piramal received 94 per cent of the votes from the Committee of Creditors (CoC), said people in the know. The minium requirement for winning a bid is 66 per cent votes.
The other major contender, US-based Oaktree Capital secured around 45 per cent of the votes.
The total offer of Piramal was Rs 37,250 crore, compared to Rs 38,400 crore offered by Oaktree. However, Piramal had offered a higher upfront cash payment.
The total dues of DHFL stands at around Rs 90,000 crore.
Piramal, in its bid, has offered an additional amount in the resolution process to fixed deposit holders, over and above what the CoC offers them through the IBC resolution.
The Adani Group also had initially shown interest in the bankrupt NBFC.
Amid the tussle to takeover the NBFC, Piramal had said in a statement last week: "We have full faith that the Committee of Creditors, comprising some of the most reputed financial institutions of our country, will make the fair and just choice in the voting process."
It said that its bid for DHFL offers the lenders the highest upfront cash recovery, has the highest score on the evaluation matrix, is fully compliant with all regulatory norms, and is fully and immediately implementable.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz