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Piramal Capital and Housing Finance Ltd (PCHFL) has merged with Dewan Housing Finance Corporation Ltd (DHFL).
“PCHFL has merged into DHFL with effect from September 30, 2021, pursuant to the reverse merger as contemplated under scheme of arrangement provided under the resolution plan,” Piramal Enterprises Ltd said in a stock exchange filing on Friday.
Also read: Ajay Piramal on the challenges faced in acquiring DHFL and the road ahead
Following this reverse merger, DHFL will issue equity shares to the shareholders of PCHFL in accordance with the scheme of arrangement provided under the resolution plan, it further said, adding that once the equity shares are allotted, DHFL will become a wholly-owned subsidiary of Piramal Enterprises Ltd (PEL).
The process is likely to take about four weeks to be completed. The development comes soon after PEL paid ₹34,250 crore for DHFL, completing its acquisition of the housing finance player.
The acquisition of DHFL is in line with a strategic roadmap to transform and expand PEL’s financial services business.
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