Stock exchanges BSE and NSE will suspend trading of equity shares of Dewan Housing Finance Corporation Ltd (DHFL) from Monday, June 14.
Trading in shares of DHFL will be suspended with effect from June 14, 2021 i.e. closing hours of trading on June 11, 2021, NSE said in a circular to its members. Similarly, BSE said trading of DHFL's shares will be suspended to avoid market complications.
DHFL had informed the exchanges regarding approval of resolution plan for the company by the Mumbai bench of National Company Law Tribunal (NCLT), which provides for delisting of equity shares of the company, the exchanges said.
Further, the company vide announcement dated June 9, 2021 stated that no value was attributable to the equity shares as per the liquidation value of the company estimated by registered valuers appointed under the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, both the exchanges said.
On Monday, NCLT had approved the resolution plan of Piramal Group for DHFL.
In January, Piramal Capital and Housing Finance Ltd, a subsidiary of Piramal Enterprises Limited, had won the bid for acquiring DHFL. The resolution plan had received approvals from RBI in February 2021 and Competition Commission of India (CCI) in April 2021.
Shares of DHFL closed 9.97 per cent lower at Rs 16.70 on the BSE on Friday.
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