New Delhi

Creditors of India’s Dewan Housing Finance Corp have voted in favour of a Rs 37,250 crore ($5.09 billion) takeover bid submitted by the Piramal Group for the troubled “shadow” lender, a source with knowledge of their decision said on Sunday. DHFL’s creditors finished voting on Friday evening, and the source requested anonymity as the result has not been officially released. Once one of India’s top “shadow” lenders, DHFL accumulated total debts of almost Rs 1 trillion before defaulting on payments to its creditors. Three entities - Adani Group, Piramal Group and US-based asset management company Oaktree Capital Management - had been invited to bid for DHFL’s entire loan book.

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