DHFL at 5% UC

DHFL, which had closed yesterday at Rs.18.05, opened itself 5% higher at Rs.18.95, hitting the 5% UC where it now remains frozen. Its 52-week high is at Rs.43.

The stock hit the roof as RBI, yesterday, cleared the decks for Piramal Capital and Housing Finance to take over the beleaguered Rs.34,250 crore DHFL. Piramal group outbid Oaktree, the USA-based AMC.

The Piramal group plans to merge the acquired DHFL with its financial services business after it gets the approval from the National Company Law Tribunal (NCLT).

More than 94% of the lenders voted in favor of Piramal’s plan wherein they will now get Rs.34,250 crore, which includes upfront cash of Rs.14,700 crore.