Piramal to Merge Its Financial Services Buss with DHFL

The Piramal group is planning to merge its financial services business with DHFL and has sweetened its Rs35, 550-crore offer for fixed depositors by setting aside an additional Rs300cr for them. Excluding that, while the Piramal offer for the entire company is Rs32, 3

BY Realty Plus
Published - Saturday, 19 Dec, 2020

Piramal to Merge Its Financial Services Buss with DHFL

The Piramal group is planning to merge its financial services business with DHFL and has sweetened its Rs35, 550-crore offer for fixed depositors by setting aside an additional Rs300cr for them. Excluding that, while the Piramal offer for the entire company is Rs32, 350cr, the Oaktree offer is for Rs32, 646cr. The Piramal group has decided to make the offer with insurance stake sale proceeds worth Rs200cr going to the lenders. Piramal is very close to acquiring the failed Dewan Housing Finance Ltd (DHFL), which has a balance sheet size of Rs 80,000 crore. Oaktree Capital has put the highest bid of around Rs 36,646 crore whereas Piramal's bid of Rs 35,550 crore has higher upfront cash element. Adani is also in the race while promoter Kapil Wadhawan has written to RBI, Administrator and CoC promising to repay 100 per cent of the debt.