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DHFL rallies 10% on news of stake sale; company denies report

The stock gained more than 16 percent in last one month, though in one year it lost 71 percent.

March 28, 2019 / 05:06 PM IST
 
 
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Dewan Housing Finance Corporation shares climbed 9.53 percent to close at Rs 149.40 on March 28, after a media report indicated that Piramal Enterprises may be considering buying a strategic stake in the company.

Sources told CNBC-TV18 that Piramal Enterprises may be considering strategic interest and could pick some equity in the housing finance company. It can also buy some retail loans of DHFL.

DHFL said it has not taken any such decision as of now.

“The board of directors had constituted a special committee to evaluate such interest. However, no further discussions or decision in relation to the same have been made by the board,” the company said in its BSE filing.

Piramal, in response to a BSE query, also denied the news report.

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"We write to inform that no such proposal as referred to in the news article has been placed for approval of the board or any of its committees," the company said.

As per news report, the deal may require a significant amount which may be brought in by Piramal through sale of investments, the report said.

Earlier in March, MD and Chairman of DHFL Kapil Wadhawan had indicated that the company was engaged with large potential entities to bring in a strategic partner on-board.

The stock gained more than 16 percent in last one month, though in one year it lost 71 percent.

 



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Moneycontrol News
first published: Mar 28, 2019 05:06 pm
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