Money & Banking

Merger

Piramal Capital merges with DHFL

Our Bureau Mumbai | Updated on October 01, 2021

The acquisition is in line with a strategic roadmap to transform and expand PEL’s financial services business

Piramal Capital and Housing Finance Ltd (PCHFL) has merged with Dewan Housing Finance Corporation Ltd (DHFL).

“PCHFL has merged into DHFL with effect from September 30, 2021, pursuant to the reverse merger as contemplated under scheme of arrangement provided under the resolution plan,” Piramal Enterprises Ltd said in a stock exchange filing on Friday.

Also read: Ajay Piramal on the challenges faced in acquiring DHFL and the road ahead

Following this reverse merger, DHFL will issue equity shares to the shareholders of PCHFL in accordance with the scheme of arrangement provided under the resolution plan, it further said, adding that once the equity shares are allotted, DHFL will become a wholly-owned subsidiary of Piramal Enterprises Ltd (PEL).

The process is likely to take about four weeks to be completed. The development comes soon after PEL paid ₹34,250 crore for DHFL, completing its acquisition of the housing finance player.

The acquisition of DHFL is in line with a strategic roadmap to transform and expand PEL’s financial services business.

Published on October 01, 2021

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

merger, acquisition and takeover
Dewan Housing Finance Corporation Ltd
Piramal Enterprises Ltd
  1. Comments will be moderated by The Hindu Business Line editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.

You May Also Like