Mumbai: Diwan Housing Finance Limited (DHFL) has been acquired by Ajay Piramal, the country's wealthy businessman Mukesh Ambani's cousin and piramal group chief. The deal has been signed for Rs 34250 crore. This includes both cash and non-convertible debentures. According to the report, Piramal Group has paid Rs 14700 crore in cash for the deal. With this, a debenture of Rs. 19550 crore has been issued at the rate of 6.75 percent for 10 years.

This is quite good news for the banking sector. This will reduce bad loans of banks. This is the first successful resolution in the financial services sector under the IBC. Insolvency and Bankruptcy Code. It is also the largest resolution ever in terms of value. The deal will fetch a total of Rs 38,000 crore to DHFL lenders and creditors. This includes Rs 34500 crore from Piramal Group and Rs 3800 crore for the cash balance of DHFL.

The completion of the resolution is said to result in the recovery of 46 percent of the loan to DHFL creditors. The company will now be named PCHFL (Piramal Capital Housing Finance Limited) instead of DGFL. The DHFL has 301 branches across the country and 2338 employees are still working with it. It has more than 10 lakh consumers in 24 states of the country. Its name figures in India's top housing finance company. With the acquisition of this company, Piramal Group's grip in the housing finance business will be further strengthened.

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