DHFL To Make Use Of Rs 500 Crore Proceeds From Aadhar Housing Stake Sale In The Direction Of NCD Fee

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NEW DELHI: DHFL will use the Rs 500 crore it acquired from promoting stake in subsidiary agency Aadhar Housing Finance Restricted in the direction of fee of bonds, sources stated Tuesday.

The promoter of Aadhar Housing –Wadhawan World Capital (WGC), DHFL, Kapil Wadhawan, Dheeraj Wadhawan and Aruna Wadhawan, who all shaped a part of promoter and promoter group of DHFL have fully exited Aadhar from June 10, 2019, for about Rs 2,200 crore.

“DHFL will use the proceeds of Rs 500 crore it acquired by promoting its complete 9.15 per cent (23,01,090 shares) in Aadhar Housing to pay in the direction of its obligation for pay-off for NCD obligations,” sources stated.

The sale/switch of complete stake held by Dewan Housing Finance Company Restricted (DHFL) in Aadhar Housing Finance Restricted (Aadhar) to BCP Topco VII Pte Ltd, which is managed by non-public fairness funds managed by Blackstone was accomplished on Monday.

Disaster-ridden DHFL, which delayed on funds in the direction of non-convertible debentures (NCDs) just lately, had final week assured that it’ll meet all fee obligations.

Firm is taking all needed steps to satisfy repayments inside the seven-day grace interval and stop any future default, it had stated.

The delay in fee had result in a rankings downgrade on its industrial papers (CPs) price Rs 850 crore by businesses corresponding to Crisil and ICRA.

DHFL has caught itself within the liquidity lure submit the IL&FS disaster that hit the NBFC sector late September final 12 months.

The Reserve Financial institution of India, on its coverage consequence final Thursday additionally stated it was intently monitoring the developments within the NBFC sector and won’t hesitate to take measures to make sure monetary stability.

Nation’s largest lender SBI too stated it has been intently monitoring its publicity to the NBFC sector for the previous 10 months and taking motion as required.

DHFL share closed zero.50 per cent up at Rs 89.95 on BSE.

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