DHFL to be delisted from exchanges as part of resolution plan

The NCLT ruling will also be subjected to final orders from the Supreme Court and the  National Company Law Appellate Tribunal (NCLAT), which have DHFL’s former promoter Kapil Wadhawan plea pending still.

However, the resolution plan has already received approvals from the Reserve Bank of India (RBI) and the Competition Commission of India (CCI).

Piramal's wholly-owned subsidiary, Piramal Capital and Housing Finance (PCHFL) has proposed to acquire DHFL for Rs 37,250 crore. The resolution plan includes delisting DHFL, writing off the equity, merging businesses into PCHFL, CNBC-TV18 had reported earlier.

Sources also told CNBC-TV18 that Piramal Group may consider selling off DHFL’s wholesale book after the acquisition, as it is primarily interested only in DHFL’s retail assets.

Piramal Group's offer includes an upfront cash payment of Rs 12,700 crore to the creditors. The Group has also offered to pay Rs 3,000 crore of cash to lenders from interest earned on the existing cash on DHFL's books, and another Rs 1,000 crore for insurance stake, and Rs 1,000 crore additional cash for interest income.

This takes the total cash for the creditors at Rs 17,700 crore. The remaining Rs 19,550 crore is in the form of instruments payable over 10 years.

At the time of writing, the shares of the company were trading 2 percent higher at Rs 22.85.