Money & Banking

DHFL defaults on interest payment of ₹4.76 crore

Our Bureau Mumbai | Updated on July 05, 2019 Published on July 05, 2019

Dewan Housing Finance Corporation Ltd (DHFL) has defaulted on interest payment of ₹4.76 crore on nonconvertible debentures due on July 3 and 4.

“The gross principal amount on which the default has occurred was ₹4.75 crore for private placement and ₹94.05 lakh for public issue of NCDs,” it said in a regulatory filing late on Thursday night.

In total, it had issued securities of ₹50 crore for private placement and ₹132.34 crore for public issue of NCDs.

“We wish to further state that since September 2018, the Company has met liability obligations of more than ₹41,000 crore,” DHFL further said, adding that it is already in the process of selling down its loan assets including wholesale project loans to make good all its obligations and maintain its 100 per cent commitment to all its creditors as it has done since the liquidity crisis started in September 2018.

This is the second time in a fortnight that the cash-strapped NBFC has defaulted on repayments. Earlier, on June 25, it had said it defaulted on unsecured commercial paper of ₹225 crore , which would be paid over the next few days.

Resolution plan

A consortium of lenders led by State Bank of India are trying to work out a resolution plan for the company, which has been facing a slew of rating downgrades and defaults since September last year due to a liquidity crisis.

DHFL scrip fell 3.67 per cent and closed at ₹80.15 apiece on BSE on Friday.

Published on July 05, 2019
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