DHFL creditors vote in favour of Piramal's $5 billion bid - source

Reuters

17 January 2021 at 5:17 am·1-min read

A woman walks past a signboard of Dewan Housing Finance Corporation Ltd. (DHFL) outside its office on the outskirts of Mumbai

MUMBAI (Reuters) - Creditors of India's Dewan Housing Finance Corp have voted in favour of a 372.5 billion rupees ($5.09 billion)takeover bid submitted by the Piramal Group 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, DHFL accumulated total debts of almost 1 trillion rupees before defaulting on payments to its creditors.

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

(Reporting by Nupur Anand; editing by Simon Cameron-Moore)

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