RBI gives green signal to Pirmal group to takeover DHFL

New Delhi : The Reserve Bank of India (RBI) has given green signal to Ajay Piramal’s Piramal Group to takeover Dewan Housing Finance Corporation (DHFL), said a news report.

According to a news report by Moneycontrol, the lenders will take the proposal to the National Company Law Tribunal (NCLT) by next week. The green signal from RBI has come almost after a month when Pirmal group had won the bid to acquire the struggling mortgage lender beating competitors that included Oaktree.

“We understand that the RBI has approved the DHFL resolution plan from Piramal Capital and Housing Finance, submitted by the CoC (committee of creditors)," said Piramal Group in a statement.

On January 15, the creditors had agreed to announce Pirmal group as the winner of DHFL bidding war. Piramal Enterprises, a diversified Indian conglomerate, got more than 94 percent votes.

Oaktree, an American asset management company, secured around 45 percent votes, while another bidder, Adani Capital, is believed to have got 18 percent votes.

Oaktree's bid for DHFL was at Rs 38,400 crore against Piramal's Rs 37, 250 crore. Piramal's offer, however, had a higher upfront cash payment and that swung support in its favour.