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Motilal Oswal Report
Piramal Enterprises Ltd. reported completion of Dewan Housing Finance Corporation Ltd.'s acquisition after it paid Rs 342.5 billion to the latter's creditors.
This included an upfront cash component of Rs 147 billion and deferred component of Rs 195.5 billion paid via 10- year non-convertible debentures raised at 6.75% per annum principal on NCDs will be repaid at 5% p.a. for the first five years and 15% p.a. thereafter for the next five years.
As per the resolution plan, there was an additional carve out consideration of Rs 38.1 billion from the available cash on DHFL's balance sheet, leading to a total recovery of Rs 380.6 billion for its creditors and deposit holders.
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