Piramal bets on a race to buy DHFL offers 37,250 crore

The Piramal Group has emerged as the most successful bidder in the race to buy the Diwan Housing Finance Limited, or DHFL, which is going through a crisis. On 15 January, the Committee of Creditors, ie COC, chose Piramal as the sole bidder. According to sources, Piramal got 94 per cent votes. At least 66 per cent of the vote is required for the resolution plan.

Oaktree overtakes race to buy DHFL 
The race consisted of American company Oak Tree, which got 45 per cent of the vote, compared to Piramal. Oaktree had bid 36,400 crores for DHFL while Piramal had paid Rs 37,250 crore. DHFL lenders voted in favour of Piramal’s offer. It is being said that the cash payment was more by the Piramal offer. Perhaps this aspect of the offer led to voting in favour of Piramal. With the offer of Piramal, 43 per cent money of the lenders will be returned. Piramal’s Indian company also went in his favour.

A strong race between Oaktree and Piramal
The fourth round of bidding between Oaktree and Piramal had a tough fight. While Piramal Enterprise had offered to increase its bid from Rs 4,000 crore to Rs 5,000, Oaktree Capital discounted its upfront payment offer of Rs 11,700 crore to the condition of holding Rs 1500 crore for a fixed period. The company said that it will use this money to pay for the expenses and debts of DHFL’s life insurance business.