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DHFL share hits upper circuit after lenders approve Piramal's takeover bid

Dewan Housing Finance Corp share rose 4.96% to Rs 27.50 against previous close of Rs 26.20 on BSE

twitter-logoBusinessToday.In | January 18, 2021 | Updated 13:38 IST
DHFL share hits upper circuit after lenders approve Piramal's takeover bid
DHFL stock opened with a gain of 4.96% today. There were only buyers and no sellers for the stock today.

2qShare of Dewan Housing Finance Corp rose 5% today after the company's creditors voted in favour of a Rs 37,250 crore ($5.09 billion) takeover bid submitted by the Piramal Group for the troubled lender. Dewan Housing Finance Corp share rose 4.96% to Rs 27.50 against previous close of Rs 26.20 on BSE.

The micro cap stock has gained 7.21% in the last 3 days. The stock opened with a gain of 4.96% today. There were only buyers and no sellers for the stock today. The share trades higher than 5 day, 50 day, 100 day and 200 day moving averages but lower than 20 day moving averages.

The stock has gained 62.24% in one year but fallen 7.25% since the beginning of this year. In a month, the stock is down 15.12%.

Market cap of the firm rose to Rs 863 crore.

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The creditors of beleagured mortgage lender Dewan Housing Finance Corporation Ltd (DHFL) have approved the resolution bid submitted by Piramal Capital and Housing Finance Limited. The decision was taken at the 18th committee of creditors (CoC) meeting held on January 15, 2021.

"The e-voting on resolutions pursuant to the 18th meeting of the Committee of Creditors of the company concluded on January 15, 2021 at 8 pm IST and the resolution plan submitted by Piramal Capital and Housing Finance Limited (under Option I in terms of the RFRP dated September 16, 2020) was duly approved by CoC by majority voting under section 30(4) of the Insolvency and Bankruptcy Code read with Reg. 39(3) of CIRP Regulations, as the successful resolution plan," DHFL said in a regulatory filing on Sunday.

Since the conclusion of the fifth and final round of the bidding process last month, Piramal and Oaktree Capital each claimed that their bid was the highest and fully implementable. According to sources, suitors have submitted bids in the range of Rs 35,000-37,000 crore.

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