AFTER A LONG-WINDING BIDDING battle and legal letters slapped by contenders, billionaire AjaPiramal’s nonbanking financial company (NBFC) Piramal Capital and Housing Finance Ltd emerged as the winner to acquire the assets of Dewan Housing Finance Corporation Ltd (DHFL).
On January 15, past 8 pm, the outcome of the e-voting started trickling in, and the results of the resolution were finalized. Piramal Capital received 93.5 percent votes, while 6.5 percent of voters abstained, said a person familiar with the matter. Oaktree Capital, the global stressed asset fund that has been eyeing DHFL since it started faltering in 2019, managed to get 45 percent votes. This means nearly half of those who voted for Piramal also voted for Oaktree.
In November 2019, the Reserve Bank of India (RBI) referred DHFL, the third-largest pureplay mortgage lender, to the National Company Law Tribunal (NCLT) for insolvency proceedings. After a voting process that ran for over 18 months, a range of voters—it included a consortium of banks, bondholders, and mutual funds—completed the process. Fixed deposit holders abstained from voting. On January 21, DHFL shares closed at ₹28.75 per share, down 4.96 percent, on the Bombay Stock Exchange.
WHAT TILTED VOTERS TOWARDS PIRAMAL?
According to a voter, one of the key reasons for choosing Piramal Capital is that it is a local entity with a presence in building real estate, and an existing NBFC, which will make regulatory approvals easier. After all, the transaction needs the blessings of all parties, especially the central bank.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Home-Cooked Meal Is Now Greatly Valued
The pandemic has also brought with it an improved focus on hygiene, use of technology in dining, rise of cloud kitchens and resurgence in popularity of Indian ingredients
Paytm 3.0 - Reaching Near Breakeven In Two Years
As of 2020, Vijay Shekhar Sharma’s super app for financial services had run up losses in thousands of crores. Now, as digital payments gets yet another boost courtesy Covid-19, he’s hopeful of reaching near breakeven in two years
THE PANDEMIC HAS CAUSED WOMEN GREATER LABOUR PAIN
Covid-19 has shown that women are more likely to face the brunt of job losses than men, and find fewer opportunities when they want to resume. That apart, several have to deal with increased hours of unpaid work at home and even domestic abuse
LEADERSHIP WILL BE ABOUT SEEING THE BIGGER PICTURE
Leaders must not only guard their teams first during a crisis, but also deal with stakeholders with respect and dignity. And apart from pursuing business goals, they should remain committed to our planet and the environment
PHILANTHROPY SHOULD BE HUMBLE, BUT NOT MODEST
Apart from building a flexible and resilient framework for the future, philanthropists, civil society and the government must work in tandem so that every rupee is absorbed on the ground
INTEGRATED HEALTH CARE, TECH WILL DISRUPT SECTOR
While clinical research will get a boost, having a skilled workforce and public spending on health care will be challenges in the near term
DIGITALISATION WILL HELP IN VALUE CREATION
As the pandemic brings technology and innovation to the core of business and daily life, the next decade will see about 150 million digital-first families in India
Industry 4.0: Climate Revolution?
Augmenting sustainability alongside digital capabilities is an economic, competitive and global opportunity for India’s businesses, but regulations need to reflect intent
EV Dream Still Miles Away
Electric vehicles have remained a buzzword in India for years. But not much has moved on ground due to high upfront costs, range anxiety and charging infrastructure
Living Waters
A virus has caused us to scramble for oxygen but our chokehold on the environment is slowly strangling the very waters that breathe life into us. The virus is a timely reminder: We are merely consumers, not producers of life’s breath on this planet
