Piramal Capital & Housing Finance Limited won the bid to acquire Dewan Housing Finance Corporation Limited (NSEI:DHFL) for approximately INR 340 billion on January 16, 2021. The consideration of the transaction included INR 147,000 million upfront cash and non-convertible debentures (NCDs) of INR 195,500 million. Piramal Capital and Housing Finance Ltd has mobilized close to INR 25,000 million funds from banks like State Bank of India, Union Bank, Indian Bank and other corporate investors to integrate Dewan Housing acquisition. The National Company Law Tribuna has asked lenders of bankrupt Dewan Housing Finance Corporation Ltd to consider the resolution plan. The resolution plan had received approvals from RBI in February 2021 and Competition Commission of India (CCI) in April 2021. The tribunal gave the lenders 10-days' time to review the offer. DHFL's committee of creditors approved a resolution plan by 94% votes in January 2021. The National Company Law Tribunal is yet to approve PCHFL's resolution plan for DHFL. As of June 7, 2021, Hon'ble National Company Law Tribunal, Mumbai Bench approved the PCHFL's resolution plan for DHFL. On the same day, Piramal Capital & Housing Finance Limited received approval from bankruptcy court as well. As of July 23, 2021, The National Company Law Appellate Tribunal (NCLAT) declined to stay the resolution plan of Dewan Housing Finance Corporation Ltd and its subsequent takeover by the successful bidder Piramal Capital & Housing Finance over the plea filed by 63 Moons Technologies. Bahram Vakil, Nilang Desai, Suharsh Sinha, Anindita Roy Chowdhury, Nanditha Gopal and Vivek Shetty of AZB & Partners acted as legal advisor to Dewan Housing Finance Corporation Limited and the administrator of DHFL. Nisha Kaur Uberoi, Gautam Chawla, Sridhar Gorthi and Ashwyn Mishra of TriLegal Partners acted as legal advisors and legal due diligence providers to Piramal Enterprises Limited. Ernst & Young LLP acted as financial advisor for Dewan Housing Finance Corporation Limited. KPMG India Private Limited acted as financial & tax due diligence provider to Piramal Enterprises Limited.

Piramal Capital & Housing Finance Limited completed the acquisition of Dewan Housing Finance Corporation Limited (NSEI:DHFL) on September 29, 2021. Piramal has paid a total consideration of INR 342.5 billion. 94% of the creditors had voted in favor of Piramal's resolution plan. Approvals has already been obtained from Reserve Bank of India, Competition Commission of India and and National Company Law Tribunal. Piramal Capital and Housing Finance to merge with DHFL. Resultant entity to be named as PCHFL The merged entity will be 100% owned by Piramal Enterprises Limited. As of September 29, 2021, the admission to dealings in securities of DHFL Limited is withdrawn (delisted). RBSA Advisory Pvt. Ltd. acted as sell side advisor to Dewan Housing Finance Corporation Limited.