Dewan Housing - Updates on Acquisition of 100% equity stake in Deutsche Postbank Home Finance Ltd.
With reference to the earlier announcement vide Company''s Letter dated March 25, 2011 announced on March 29, 2011 regarding the Company has acquired 67.56% equity stake in Deutsche Postbank Home Finance Ltd (DPHFL) which will eventually be held through its 100% owned SPV and the balance 32.44% has been acquired by others i.e. Wadhawan Housing Private Limited, Caledonia Investment Plc, U.K and Amber 2010, Dewan Housing Finance Corporation Ltd has now informed BSE that pursuant to the Board''s approval dated January 21, 2011, the Company has set up DHFL holdings Private limited, as a 100% subsidiary of the Company, which will act a Special Purpose Vehicle (SPV) for acquiring and holding the aforesaid 67.56% equity stake of DPHFL.
The said 67.56% equity stake in DPHFL being acquired by SPV is being financed by raising the equity capital of Rs. 216 crore from the Company and balance by way of private placement of Debentures.