Completion of the DHFL acquisition a positive; transitioning from a 'trust me ' to a 'show me ' story
Piramal Enterprises (PIEL) reported completion of DHFL's acquisition after it paid INR342.5b to the latter's creditors. This included an upfront cash component of INR147b and deferred component of INR195.5b paid via 10year NCDs raised at 6.75% p.a. Principal on NCDs will be repaid at 5% p.a. for the first five years and 15% p.a. thereafter for the next five years. As per the resolution plan, there was an additional carve out consideration of INR38.1b from the available cash on Dewan Housing Finance's (DHFL)...