PCHFL will be merged with DHFL:Piramal Group completes the acquisition of DHFL, the company formed after the merger will be 100% owned by Piramal Enterprises
PCHFL Will Be Merged With DHFL, Piramal Group Has Completed The Acquisition Of DHFL, The Company Formed After The Merger Will Be 100% Owned By Piramal Enterprises
TPN24 Desk 
The acquisition of Dewan Housing Finance Company (DHFL) has been completed. The company has paid Rs 34,250 crore for DHFL. Under this process, Piramal Capital and Housing Finance Limited (PCHFL) will be merged with DHFL.
Piramal Enterprises paid a total of Rs 38,000 crore, said that it has paid a total of Rs 38,000 crore for the acquisition of DHFL. In this, Rs 34,250 crore has been given by Piramal Capital and Housing Finance (PCHFL) in cash while it has issued non-convertible debentures worth Rs 3800 crore.
DHFL had about 70,000 creditors The
Piramal Group has said in its statement that DHFL had about 70,000 creditors. DHFL lenders are recovering 46% of their money through resolution. In terms of value, this is the first time a company that went for resolution has got this price.
Piramal will have 100% rights over the merged company. In
January 2021, 94% of DHFL's creditors or lenders voted in favor of Piramal's resolution plan. The approval of RBI, CCI, NCLT also had to be taken to complete this transaction. The new company that will be formed after the merger will be 100% owned by Piramal Enterprises.
The company will provide services like used cars and two-wheeler loans. The company will offer education loans for vocational and online courses, small builder finance to meet construction finance requirements, unsecured business loans, and personal loans.
