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DHFL creditors vote in favour of Piramal's $5 billion bid: Report

Creditors of India's Dewan Housing Finance Corp have voted in favour of a $5.09 billion takeover bid submitted by the Piramal Group for the troubled "shadow" lender, a source said

Topics
DHFL | Piramal Group

Reuters  |  MUMBAI 

DHFL
DHFL

Creditors of India's Dewan Housing Finance Corp have voted in favour of a Rs 37,250 crore ($5.09 billion)takeover bid submitted by the for the troubled "shadow" lender, a source with knowledge of their decision said on Sunday.

DHFL's creditors finished voting on Friday evening, and the source requested anonymity as the result has not been officially released.

Once one of India's top "shadow" lenders, accumulated total debts of almost Rs 1 trillion before defaulting on payments to its creditors.

Three entities - Adani Group, and U.S.-based asset management company Oaktree Capital Management - had been invited to bid for DHFL's entire loan book.

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First Published: Sun, January 17 2021. 16:07 IST
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