Latest News | Piramal Enterprises Shares Zoom over 10 Pc

New Delhi, Jun 8 (PTI) Shares of Piramal Enterprises on Tuesday zoomed over 10 per cent after the National Company Law Tribunal (NCLT) gave its approval to Piramal Group's bid for bankrupt-DHFL, subject to certain conditions.

The stock rallied 10.53 per cent to close at Rs 2,167.15 on the BSE. During the day, it jumped 11.34 per cent to Rs 2,183.25, its 52-week high.

On the National Stock Exchange (NSE), it gained 10.50 per cent to close at Rs 2,166.70.

DHFL's shares also rallied 9.86 per cent to close at Rs 22.85 on the BSE.

The tribunal's Mumbai bench said the approval is subject to the final order from the National Company Law Appellate Tribunal (NCLAT) and the Supreme Court's judgment on Kapil Wadhawan in the matter.

In its order, NCLT asked DHFL's (Dewan Housing Finance Corporation Ltd) committee of creditors (CoC) to consider giving more money to small fixed deposit holders under the approved resolution plan.

"We are not remanding the plan back to CoC, we respect their commercial wisdom," it said.

DHFL had gone bankrupt with over Rs 90,000 crore in debt to various lenders, including banks, mutual funds and individual investors who kept fixed deposits with the company. HRS hrs

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)