#TaxmannPPT | Mergers & Acquisitions – Legislative & Policy Changes in Recent Times

Case Study • Adani’s acquisition of NDTV • Piramal’s acquisition of DHFL

Piramal’s acquisition of DHFL • Transaction highlights • The first successful resolution under the IBC route in the financial services sector and amongst the largest resolutions in value terms • Total consideration of ~INR 34,250 Crores paid for the completion of the acquisition • 94% of the creditors had voted in favor of Piramal’s resolution plan • Approvals obtained from Reserve Bank of India (RBI), Competition Commission of India (CCI) and National Company Law Tribunal (NCLT) • Piramal Capital and Housing Finance Ltd. (PCHFL) to merge with DHFL. Resultant entity to be named as PCHFL.

• Most of the DHFL creditors are recovering nearly 46% through successful completion of the resolution process Source: https://www.piramal.com/wp-content/uploads/2021/09/Press-Release_Piramal-DHFLAcquistion_Sept-29-.pdf

Piramal – DHFL Reverse Merger

Major Issue Rs. 45000 Crores Avoidance Agreement

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