A woman walks past a signboard of Dewan Housing Finance Corporation Ltd. outside its office on the outskirts of Mumbai, India, January 31, 2019. REUTERS/Francis Mascarenhas/Files
MUMBAI - Creditors of India’s Dewan Housing Finance Corp have voted in favour of a 372.5 billion rupees takeover bid submitted by the Piramal Group for the troubled “shadow” lender, a source with knowledge of their decision said on Sunday. DHFL’s creditors finished voting on Friday evening, and the source requested anonymity as the result has not been officially released.
Once one of India’s top “shadow” lenders, DHFL accumulated total debts of almost 1 trillion rupees before defaulting on payments to its creditors. Three entities - Adani Group, Piramal Group and U.S.-based asset management company Oaktree Capital Management - had been invited to bid for DHFL’s entire loan book.
Ambani and family pockets it.
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