Stocks

Dewan Housing rises after clearing interest on NCDs

Reuters June 12 | Updated on June 12, 2019 Published on June 12, 2019

Shares of mortgage lender Dewan Housing Finance Corp Ltd (DHFL) rose as much as 6.5 per cent to Rs 96 on Wednesday.

Dewan said on Tuesday it had cleared interest of Rs 961 crore ($138.50 million) due on non-convertible debentures (NCDs), a week after it delayed payments and fanned fears of a liquidity crisis.

DHFL also said it will seek rating upgrades from agencies now that it had cleared all its dues on NCDs.

Last week, rating agencies ICRA Ltd had downgraded DHFL's Rs 850-crore commercial paper programme to ICRA D and Crisil had downgraded the rating on DHFL's commercial paper to 'CRISIL D' from 'CRISIL A4+'

About 15.7 million shares changed hands, compared with the 30-day average of around 29.6 million shares.

As of last close, the stock is down 63.9 per cent. ($1 = 69.3880 rupees)

Published on June 12, 2019
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