Business

Lenders back Piramal’s bid for DHFL

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Piramal Enterprises’ bid received 94% votes as compared to 45% for the U.S.-based Oaktree Capital.

Piramal Enterprises’ bid for debt-ridden DHFL received the most votes from lenders at the close of the voting process on Friday, sources said.

Piramal Enterprises’ bid received 94% votes as compared to 45% for the U.S.-based Oaktree Capital.

After this, the Committee of Creditors is likely to take a final call and send its recommendation to the NCLT, the sources added.

According to sources, suitors have submitted bids in the range of ₹35,000-₹37,000 crore.

As of July 2019, the company owed ₹83,873 crore to banks, the National Housing Board, mutual funds and bondholders. It’s large lenders are SBI, including SBI Singapore, with ₹10,083-crore exposure.

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