Dewan Housing Finance Corporation Limited (DHFL) sold stake in subsidiary firm Aadhar Housing Finance Limited and will use the sum of Rs.500 crore in payment of bonds, as informed by sources.
By selling the stake of Aadhar ,on June 10, 2019 for a sum equal to Rs.2,220 crore the promoters of Aadhar Housing – Wadhawan Global Capital (WGC), DHFL, Kapil Wadhawan, Dheeraaj Wadhawan and Aruna Wadhawan, who all comprises of group of promoter and promoter of DHLF have completed existed from it.
DHFL has planned to use the amount obtained by selling 9.12% (23, 01,090 shares) in Aadhar Housing to pay its obligation for pay-off for NCD obligations.
The sale of stake of Aadhar Housing Finance limited (Aadhar) to BCP Topco VII Pte Ltd by DHFL was proceeded on Monday and was presided over by private equity funds managed by Blackstone.
Doped in crisis, DHFL had promised to make payment of non-convertible debentures (NCDs) by next week which was delayed from their part. Company is taking all necessary steps to meet repayments within the period of seven-day grace and prevent any future default. Agencies like Crisil and ICRA had rated downgrade due to such delay in payment on its commercial papers amounting Rs. 850 crore.
DHLF has caught in the liquidity trap post the IL&FS crisis that hit the NBFC sector in month of September last year.
Also Reserve Bank of India stated that it is minutely observing the developments in the NBFC sector with regard to its own policy and ensured to take every possible step to endure financial stability. Along with RBI, SBI is also closely monitoring its exposure to the NBFC sector for the past 10 months and will take actions if required.
Courtesy/By: Renu Kathale
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13 Jun 2019
