The National Company Law Tribunal (NCLT) approved Piramal Group's overall resolution plan for Dewan Housing Finance (DHFL) on Monday (7 June 2021).
Shares of DHFL hit an upper circuit of 10% at Rs 22.75, extending gains for sixth day. The stock has added 30.37% in six sessions, from its recent closing low of Rs 17.45 on 1 June 2021.In January, Piramal Capital and Housing Finance, a subsidiary of Piramal Enterprises, had won a bid for acquiring DHFL. Piramal made Rs 37,250-crore bid to acquire the housing finance company. The resolution plan had received approvals from RBI in February 2021 and the Competition Commission of India (CCI) in April 2021.
"As part of the Resolution Plan, the equity shares of the Company are proposed to be delisted," DHFL said in an exchange filing on Monday.
DHFL had gone bankrupt with more than Rs 90,000 crore in debt to various lenders, including banks, mutual funds and individual investors who kept fixed deposits with the company. The lenders of the company had classified the account as a fraud on alleged fund diversion by promoters Kapil Wadhawan and his brother Dheeraj Wadhawan.
Meanwhile, DHFL reported a consolidated net profit of Rs 96.75 crore in Q4 FY21 as against a net loss of Rs 7,507.01 crore in Q4 FY20. Total income during the quarter fell 4.6% to Rs 2060.57 crore from Rs 2,160.98 crore reported in the same period last year.
The company recorded an operating profit of Rs 407.03 crore in Q4 FY21. It had recorded an operating loss of Rs 10,121.87 crore in Q4 FY20.
Provisions and write offs were at 152.67 crore in the fourth quarter as compared with Rs 7.22 crore in the same period last year.
The company reported a pre-tax profit of Rs 233.94 crore in Q4 FY21 as compared with a pre-tax loss of Rs 10,169.03 crore in Q4 FY20. It incurred a current tax expense of Rs 91.37 crore during the period under review.
The company reported a consolidated net loss of Rs 15,051.17 crore in FY21 as against a net loss of Rs 13,455.81 crore in FY20. Total income fell 8.1% to Rs 8,802.79 crore in FY21 over FY20.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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