Piramal Enterprises Limited updates on acquisition of DHFL by PCHFL

Piramal Enterprises Limited had announced that Piramal Capital & Housing Finance Limited ('PCHFL'), wholly owned subsidiary of the Company had been declared as the Successful Resolution Applicant in relation to the Corporate Insolvency Resolution Process ('CIRP') of Dewan Housing Finance Corporation Limited ('DHFL') under the Insolvency & Bankruptcy Code, 2016 and further intimation dated 29th September 2021 whereby the Company had informed that PCHFL has discharged the consideration to the creditors of DHFL.

Pursuant to the resolution plan, PCHFL has merged into DHFL with effect from 30th September 2021 pursuant to the reverse merger as contemplated under scheme of arrangement provided under the resolution plan ('Reverse Merger').

Consequent to the Reverse Merger, DHFL shall issue such number of equity shares to the shareholders of PCHFL i.e. to Piramal Enterprises Limited ('PEL'), in accordance with the scheme of arrangement provided under the resolution plan. Upon allotment of equity shares to PEL, DHFL will become a wholly owned subsidiary of PEL.

DHFL is registered with the National Housing Bank, as a Housing Finance Company vide registration no. 01.0014.01 dated 31 July 2001, with its registered and operational office in Mumbai.

The acquisition is in line with a strategic roadmap to transform and expand Group's financial services business. The acquisition provides an inorganic growth opportunity to the Company and leverages operating synergies.

Shares of Piramal Enterprises Limited was last trading in BSE at Rs. 2590.9 as compared to the previous close of Rs. 2641.35. The total number of shares traded during the day was 64763 in over 3731 trades.

The stock hit an intraday high of Rs. 2670 and intraday low of 2582.15. The net turnover during the day was Rs. 169443606.

Source : Equity Bulls

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