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ICICI Securities Report
Piramal Capital and Housing Finance Ltd. discharging the consideration to Dewan Housing Finance Corporation Ltd. creditors with 46% recovery run-rate pursuant to resolution plan is on expected lines.
Successful bidding, timely regulatory approvals and improving visibility towards building a diversified book (through DHFL acquisitions), coupled with stable stress in wholesale segment, have triggered re-rating of Piramal Enterprises Ltd.'s financial services business.
Detailed financials will be disclosed post the completion of review by auditors.
Proportion of ‘high risk’ and ‘medium risk’ in DHFL’s retail portfolio and the extent of mark-down of wholesale portfolio will be known then.
In our estimate, net deal consideration (ex-cash and insurance) for DHFL portfolio (post mark-down) is estimated at Rs 215 billion.
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