Business
Piramal pays consideration for acquisition and merger of DHFL

Piramal Enterprises Limited on Wednesday announced that it has completed payment for the acquisition of Dewan Housing Finance Corporation Ltd (DHFL), marking the first successful resolution under the IBC route in the financial services sector.
The National Company Law Tribunal, Mumbai Bench (NCLT), had earlier accorded its approval to the resolution plan of Piramal Group in relation to the CIRP (Corporate Insolvency Resolution Process) of DHFL.
In value terms, the transaction is among the largest resolutions till date, setting the precedent for future resolutions in the sector.
Speaking on the occasion, Ajay Piramal, Chairman, Piramal Group said, “We are very pleased to announce the consideration payment made towards the completion of this exciting acquisition. This accelerates our plans to become a leading digitally oriented, diversified financial services conglomerate that focuses on serving the financial needs of the unserved and underserved customers of our country.”
“An important characteristic of any advanced economy is a robust insolvency code. The landmark bankruptcy reforms have made it possible to solve complex resolutions like this in a more complete and timely way.”
Anand Piramal, Executive Director, Piramal Group said, “The combined entity will have 301 branches, 2,338 employees and over 1 million lifetime customers. We will be a dominant player in the fast-growing affordable housing segment. Over the last two years we have successfully built our next-gen technology platform, advanced analytics engine and AI/ML capabilities. This acquisition allows us to implement these technologies across a much larger base of customers. The new merged entity is poised to be at the forefront of the digital-first retail lending market in India.”
In January 2021, 94 per cent of the Creditors of DHFL voted in favour of Piramal’s resolution plan. Approvals were also obtained from the RBI, CCI and NCLT for the completion of this transaction. As a part of the process, Piramal Capital and Housing Finance Ltd (PCHFL) will merge with DHFL. The merged entity will be 100 per cent owned by Piramal Enterprises Limited.
The creditors of DHFL (including FD holders) would recover an aggregate amount of Rs 38,000 crore from the resolution process of DHFL. This amount comprises of Rs 34,250 crore to be paid by PCHFL as a combination of cash and Non-Convertible Debentures and an amount of Rs 3,800 crore, which is the entitlement of creditors (as per the resolution plan), from the cash balance available with DHFL.
There were 70,000 creditors of DHFL and most of them are recovering nearly 46 per cent of their pending dues through the successful completion of resolution process.
The total consideration paid by the Piramal Group of Rs 34,250 crore at the completion of the acquisition, includes an upfront cash component of Rs 14,700 crore and issuance of debt instruments of Rs 19,550 crore (10-year NCDs at 6.75 per cent per annum on a half-yearly basis).
The merged entity combines Piramal’s financial strength with DHFL’s geographic footprint and distribution network of 301 branches and 2,338 employees catering to 1 million lifetime customers across 24 states – making it one of the leading housing finance companies in the country.
It creates an India-wide platform focused on the affordable segment (with average loan ticket size of nearly Rs 17 lakh) to address the diverse financing needs of the under-served and unserved ‘Bharat’ market – that represents Indian budget conscious customers at the periphery of metros and in Tier I, II and III cities.
Over the last two years, Piramal Enterprises strengthened its balance sheet to take advantage of such large opportunities by raising Rs 18,000 crore of equity. It reduced net debt-to-equity and shifted towards long-term borrowings, thereby creating a headroom for significant growth in the merged entity. The acquisition is a major step under the execution of a strategic roadmap to transform our financial services business.
This transaction will not only grow the retail loan book to 5 times, but also lead to a significant diversification of the overall loan book. This paves the way for achieving nearly 50:50 retail wholesale mix in the near-term. The company will leverage the “phygital” lending platform driven by Machine Learning (ML) and Artificial Intelligence (AI), including the new mobile app.
In addition, the transaction will lead to a reduction in weighted average borrowing cost by nearly 130 basis points and should further improves the Asset Liability Management (ALM) profile of our Financial Services business.
India’s household credit to GDP at 12 per cent is lowest among sizable economies of the world, indicating a huge untapped market potential for the housing finance business in India. With major push from the Government of India towards affordable housing, the share of credit active customers in Tier 2 and Tier 3 cities/towns is significantly increasing over the last few years.
The acquisition will now provide an India-wide infrastructure with a large branch network as well as a sizable customer base that will leverage the technology-driven multi-product retail lending digital platform. It enables the company to significantly grow and diversify the retail loan book through product innovation, customised offering and superior customer experience. The share of retail financing is likely to improve to 50 per cent in near-term and 67 per cent in mid-to-long term. The growth in the retail loan book will facilitate capital efficiency in the financial services business.
The company will offer services such as used cars and two-wheeler loans; education loans for vocational and online courses; small builder finance to meet construction finance requirement; unsecured business loans; personal loans and loan against securities.
Business
SEBI confirms ban on LS Industries and key individuals amid fraud probe

Mumbai, May 31: The Securities and Exchange Board of India (SEBI) has confirmed the suspension of LS Industries, its promoter Profound Finance, and four other individuals from participating in the securities markets.
The action comes as part of an ongoing investigation into allegations of fraudulent activities and manipulation of the company’s share price.
The individuals barred include Jahangir Panikkaveettil Perumbarambathu, the promoter of Profound Finance, as well as Suresh Goyal, Alka Sahni, and Shashi Kant Sahni HUF, a Dubai-based NRI shareholder of LS Industries.
SEBI has extended the deadline for completing the investigation until November 15 and has directed all involved parties to cooperate fully with the inquiry.
Back in February 2025, SEBI had issued an interim order banning LS Industries and its associates from trading in the stock market due to suspicious activities.
The regulator also ordered Perumbarambathu to return illegal gains of Rs 1.14 crore that he allegedly earned through the sale of shares under the suspected scheme.
SEBI ‘s probe centres on LS Industries and its associates being involved in a scheme to artificially boost the company’s share price.
Despite having reported almost no revenue for three consecutive financial years (FY22 to FY24) and the first three quarters of FY25, the company’s stock surged dramatically.
Between July 23 and September 27, 2024, the share price skyrocketed from Rs 22.50 to Rs 267.50 — raising the company’s market valuation to an eye-popping Rs 22,700 crore.
This sharp rise in share price occurred without any improvement in the company’s financial performance, raising red flags.
SEBI’s interim findings noted dubious transfers of shares to Perumbarambathu and unusual trading patterns by some individuals.
The regulator stated that these factors strongly suggested a deliberate plan to mislead investors and manipulate the stock.
SEBI emphasised that it appeared, on the surface, that LS Industries and the other parties were involved in a coordinated effort to deceive the market.
“The investigation is ongoing, and the parties will remain barred from market activities until its conclusion,” the market regulator stated.
Crime
Woman drug supplier arrested in Delhi’s Mangolpuri; ganja seized

New Delhi, May 31: A woman drug supplier was arrested from Delhi’s Mangolpuri area and 427 grams of ganja was recovered from her possession, police said on Saturday.
The accused was identified as ‘M’. The arrest comes amid the Delhi Police’s ongoing crackdown on narcotics under its ‘Zero Tolerance’ policy and the broader objectives of the Nasha Mukt Bharat Abhiyan (NMBA).
Acting on a tip-off received by Constable Bajrang of Police Station Mangolpuri that a female was allegedly in possession of ganja, a raid was conducted at the specified location.
Constable Bajrang and a female staff member observed a suspicious female carrying a white polythene bag.
“On noticing the presence of police personnel, the suspect attempted to hide. However, the alert police team, with the assistance of a female staff namely W/HC Pooja, swiftly apprehended her,” said Sachin Sharma, Deputy Commissioner of Police, Outer District, New Delhi.
A polythene bag containing 427 grams of ‘ganja’ and Rs 1,470 in cash was recovered from the possession of the accused.
The accused was booked under Section 20(A) of the Narcotic Drugs and Psychotropic Substances (NDPS) Act, 1985 at Police Station Mangolpuri.
Further investigation is underway to identify and apprehend other associates involved in the illegal drug trade, the police said.
In another case on May 29, the Anti-Narcotics Task Force (ANTF) of the Delhi Police Crime Branch arrested Jameel Ahmad, the alleged mastermind of a major drug trafficking syndicate. Ahmed has been absconding for six years.
The case dates back to June 2019, when the then Narcotics Cell (now ANTF) of the Crime Branch seized 500 kg of ganja from a truck at Metcalfe Bus Stand, Kashmere Gate.
Three persons — Aslam Khan and Mausam Khan, both from Nuh district in Haryana, and Jakam Khan from Alwar, Rajasthan — were arrested in connection with the consignment, who revealed that they had committed the crime at the behest of Ahmed.
National
Delhi records wettest May; IMD issues ‘Orange Alert’ for today

New Delhi, May 31: Delhi recorded a minimum temperature of 34.8 degrees Celsius on Saturday morning, marking one of the warmer days of the season. However, despite the high morning temperature, this May has been unusual in many ways, including below-normal daytime temperatures, unprecedented frequent rains, and the absence of any heatwave conditions.
In terms of rainfall, May 2025 has been historic for Delhi, with the capital receiving 188.9 mm of rainfall, the highest-ever rainfall recorded in the month of May. This is over 202 per cent more than the normal monthly average of 62.6 mm. In contrast, May 2024 saw just 0.4 mm of rain, which was 99 per cent below average, with not a single rainy day recorded.
According to the India Meteorological Department (IMD), this is only the third time in the last five years that Delhi has seen the mercury stay below 40 degrees Celsius throughout May. Not a single day this month recorded conditions severe enough to be classified as an intense heatwave, making it a rare exception in the typically scorching summer month.
The current spell of unusual weather is being attributed to the early arrival of the monsoon in Mumbai, which has had a ripple effect on weather systems in northern India, including Delhi. However, meteorologists have clarified that the monsoon has not yet arrived in the national Capital, even though conditions have turned significantly cooler and wetter.
The IMD has issued an ‘Orange Alert’ for Delhi-NCR tonight, warning residents to stay alert as thunderstorms and heavy rain are likely. An ‘Orange Alert’ signals potentially disruptive weather, and people are advised to prepare for sudden changes in conditions.
The forecast suggests rain accompanied by thunder and strong winds will continue across Delhi and surrounding areas till June 4. A ‘Yellow Alert’ is also in place for Saturday, with the possibility of rain showers at any time during the day.
Meanwhile, the Air Quality Index (AQI) stood at 167, placing it in the ‘moderate’ category, according to the Central Pollution Control Board (CPCB).
The AQI scale defines values between 101–200 as ‘moderate,’ while 201–300 is ‘poor,’ and 301–400 is considered ‘very poor’.
With unpredictable weather continuing, Delhi people are advised to remain cautious and plan accordingly as the city experiences one of its most unusual Mays in recent history.
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