Q. Piramal Capital & Housing Finance Limited has recently reverse merged with which debt-ridden company?
(a) Lakshmi Vilas Bank Ltd
(b) DHFL
(c) Kingfisher Airlines
(d) Yes Bank
Answer.
b, DHFL
Solution.
Piramal Enterprises said its subsidiary, Piramal Capital & Housing Finance Limited (PCHFL), has merged with debt-ridden Dewan Housing Finance (DHFL) after paying Rs 34,250 crore to the creditors of the troubled housing finance company.
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 said in a regulatory filing.
DHFL had gone bankrupt with more than Rs 90,000 crore in debt to various lenders, including banks, mutual funds and individual investors who kept fixed deposits with the company.
