DHFL hits 5% upper circuit for third straight day; stock nears 52-week high

Topics DHFL | Buzzing stocks | Markets

In the past one month, stock of the housing finance company has gained 46 per cent as against a 9 per cent-rise in the S&P BSE Sensex
Shares of Dewan Housing Finance Corporation Limited (DHFL) were locked in the 5 per cent upper circuit for the third straight day, at Rs 20.30, on the BSE on Thursday on report that Adani group has offered a higher price for the company's assets.

In the past one month, stock of the housing finance company has gained 46 per cent as against a 9 per cent-rise in the S&P BSE Sensex. It was quoting close to its 52-week high level of Rs 23.30 touched on November 25, 2019. The stock had hit a record high of Rs 680 in September 2018 and had touched a multi-year low of Rs 8.40 on April 2020.

Till 01:20 pm, a combined 575,000 shares had changed hands on the counter on the BSE and NSE, and there were pending buy orders for 5.78 million shares, exchange data shows. In comparison, the S&P BSE Sensex was down 0.15 per cent at 44,116 points.

The 13th meeting of the Committee of Creditors of the Company was conducted on Tuesday, November 17, 2020 and discussed various aspects regarding consideration of the bids received from Prospective Resolution Applications till date, the company said in an exchange filing on Wednesday. READ HERE

The Administrator of the Company has received 'Final Resolution Plans' from Four (4) PRAs with respect to the options given to the PRAs as per the Invitation for Expression of Interest for Submission of Resolution Plan for DHFL dated 28th January 2020.

"The Administrator has also received an e-mail with certain attachments from one of the PRA, the contents of which are not yet known since the e-mail has not been opened by the Administrator. The CoC during their meeting decided to not open any of the 'Final Resolution Plan' or the e-mail received until a consensus by CoC is attained collectively for the same," it added.

According to a IANS report, Adani Group has offered to further enhance its bid for the DHFL and has shown interest in bidding for the entire portfolio of the bankrupt company. So far, Adani had proposed to bid for the wholesale and Slum Rehabilitation Authority (SRA) asset portfolio. However, now it wants to go for the entire portfolio of DHFL, including the retail segment, said report. CLICK HERE TO READ FULL REPORT

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