Piramal Group acquires DHFL for Rs 34,250 crore

Piramal Group acquires DHFL for Rs 34,250 crore

• Piramal Enterprises has completed the acquisition of Dewan Housing Finance Limited (DHFL) by paying the consideration amount of Rs 34,250 crore. This is the first successful resolution of a financial services company under the Insolvency and Bankruptcy Code (IBC).
• Dewan Housing Finance (DHFL) is the first financial services firm to go for bankruptcy proceedings. It is a non-deposit-taking housing finance company.
• The creditors of DHFL will recover an aggregate amount of Rs 38,000 crore from the DHFL’s resolution, which includes Rs 34,250 crore paid by Piramal Enterprises and Rs 3,800 crore from the cash balance of DHFL.

Points to remember:

1. first successful resolution of a financial services company under the Insolvency and Bankruptcy Code (IBC)? DHFL
2. Piramal Enterprises has acquired DHFL by paying what consideration amount?- Rs 34250 crore
3. Which group has acquired DHFL?

Source: Business Standard