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Plans to merge DHFL with its financial services business
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Integration may take about six months, though execution may be a tightrope walk
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The banks will be taking a huge haircut as compared to an average 45 per cent recovery in insolvency and bankruptcy cases
Lenders meeting today to press for better share in recoveries from frauds
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
DHFL's fall not only exposed the chinks in Indian auditing firms, but also showed the flaws in rating companies, which gave it the highest rating
With this Piramal succeeds in getting the requisite 66 per cent voting, says source
Voting on DHFL bids by committee of creditors ends today
The markets regulator found it was a subsidiary of CARE which had rated the Oaktree acquisition proposal, not the bonds
Reports suggest a potential recovery of 35 per cent from the bid process compared to an average recovery of seven per cent
Reports suggest a minimum upside of 35 per cent from the bid process of the lender
Piramal Enterprises claimed that its bid provides better offer to over 55,000 retail fixed deposit holders of the debt-ridden mortgage lender than Oaktree Capital
The NCD and FD holders have the largest exposure to the crippled company at Rs 45,000 crore, followed by banks at Rs 35,000 crore and others have an exposure of Rs 5,000 crore.