DHFL hits the roof after CoC approves Piramals resolution plan

18 Janvier, 2021, 13:22 | Auteur: Auguste Feret
  • DHFL resolution Lenders back Piramal's bid

And that is why the sum of the votes exceeds 100 per cent, sources said.

Shares of the Mumbai-based troubled shadow lender Dewan Housing Finance Corporation Limited (DHFL) were locked in a 5 per cent upper circuit at Rs 27.50 on the BSE after its committee of creditors (CoC) approved a resolution plan submitted by Ajay Piramal-led Piramal Capital and Housing Finance.

Piramal Enterprises has emerged as the preferred bidder for DHFL by garnering around 94 percent votes from the Committee of Creditors (CoC), according to sources aware of the outcome. However, it had offered a higher upfront cash payment that may have appealed the CoC members.

Once one of India's top "shadow" lenders, DHFL accumulated total debts of nearly 1 trillion rupees before defaulting on payments to its creditors.

Against this, Oaktree offered Rs 38,400 crores, including a Rs 1700 crore addition in the bid. Of these, ₹50,227 crore or 63 per cent of the total portfolio was reported as gross NPAs.

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Piramal said it formally submitted a final bid within the deadline, while Oaktree sent an additional offer after the deadline, offering Rs 1,700 crore more. Oaktree, in a letter to the creditors, had claimed a Rs 2,700-crore undervaluation by the CoC.

DHFL was the first finance company to be referred to NCLT by the RBI using special powers under Section 227 of the IBC. The entire resolution process has been mired in controversy, with unsolicited offers, bickering between suitors, conflict of interest issues with legal advisors to the firm, and the promoter facing allegations of fraud.

As of July 2019, the company owed Rs 83,873 crore to banks, the National Housing Board, mutual funds and bondholders.

The outcome was a "marginal positive" for banks that have exposure to DHFL, including state-run Bank of India, Canara Bank and Union Bank of India and private-sector lenders such as Yes Bank, Jefferies added.



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