Banks vote in favour of Piramal offer for DHFL, see holes in Oaktree bid

With this Piramal succeeds in getting the requisite 66 per cent voting, says source

The lenders to Dewan Housing Finance Corporation (DHFL) on Friday voted overwhelmingly in favour of the resolution plan submitted by the Piramal group, paving the way for a turnaround of the bankrupt firm.

While Piramal’s offer received 94 per cent votes, US-based Oaktree Capital’s plan got just 45 per cent votes from the committee of creditors (CoC).

A banker said Oaktree’s offer was “too complicated” and there were too many loopholes in its plans, including misleading information on the ratings of future bonds to be issued to the lenders. 

Piramal, on the other hand, plans to merge its financial services business with DHFL