DHFL shares may get delisted post-acquisition

New Delhi: Debt-ridden mortgage firm DHFL's shares would be delisted from stock exchanges post acquisition by Piramal Capital and Housing Finance, which has emerged as the successful bidder for the company. As part of resolution process under the Insolvency and Bankruptcy Code (IBC), lenders led by Union Bank of India in January this year favoured the bid by Piramal Capital and Housing Finance to take over the beleaguered housing finance firm. According to sources, shares of DHFL would be delisted post acquisition as per the IBC guidelines and Sebi delisting norms. Besides, sources said, the company may merge itself with DHFL for which call would be taken after all legal and regulatory clearances are obtained. The Mumbai-bench of the National Company Law Tribunal (NCLT) on Monday gave its conditional approval to Piramal Group's bid for DHFL. The resolution plan had already received approvals from the RBI in February and Competition Commission of India (CCI) in April 2021. The tribunal, chaired by H P Chaturvedi and Ravikumar Duraisamy, said the approval is subject to the final judgement from the National Company Law Appellate Tribunal (NCLAT) and the Supreme Court's judgement on the plea of erstwhile promoter Kapil Wadhawan. Last year, Wadhawan had made his settlement offer to the Committee of Creditors (CoC). The offer was rejected by the creditors, citing lack of credibility and the valuations attached to the proposed asset sales. In the plan, Wadhawan had proposed to repay lenders by selling assets. Meanwhile, Piramal in a statement said "we are pleased with the judgment today by the NCLT for approving our resolution plan for DHFL. This follows the endorsement of 94 per cent of lenders, and the subsequent approvals from RBI and CCI, and reiterates the strength and quality of our bid.