Piramal gets NCLT nod for acquisition of Dewan Housing Finance Corporation Ltd, shares to be delisted

Pursuant to the receipt of 'No-Objection' from Reserve Bank of India (as per the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019), the Administrator of Dewan Housing Finance Corporation Limited (Company) has filed an application under Section 30(6) of the Code with the Adjudicating Authority i.e. Hon'ble National Company Law Tribunal (NCLT), Mumbai Bench for approval of the Resolution Plan submitted by Piramal Capital & Housing Finance Limited (PCHFL) and as approved by the Committee of Creditors (Resolution Plan), on 24th February 2021.

Vide its order passed on 07th June, 2021, the Mumbai bench of the National Company Law Tribunal approved the Resolution Plan submitted by Piramal Capital & Housing Finance Limited for the corporate insolvency resolution of Dewan Housing Finance Corporation Limited, under Section 31 of the Insolvency & Bankruptcy Code 2016, with certain conditions (including such directions as may be passed by the National Company Law Appellate Tribunal).

As part of the Resolution Plan, the equity shares of the Company are proposed to be delisted. Appropriate disclosures in terms of Regulation 3(3) of the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009, shall be made following receipt of the copy of the Order by the National Company Law Tribunal approving the Resolution Plan.

Shares of DEWAN HOUSING FINANCE CORPORATION LTD. was last trading in BSE at Rs.20.8 as compared to the previous close of Rs. 18.95. The total number of shares traded during the day was 569823 in over 1122 trades.

The stock hit an intraday high of Rs. 20.8 and intraday low of 20.8. The net turnover during the day was Rs. 11852318.

Source : Equity Bulls

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