Dewan Housing Finance Corporation Ltd. paid investors and depositors part of repayments due after missing the deadline earlier this week. DHFL paid investors around Rs 276.05 crore on its principal and interest obligations towards its non-convertible debentures, according to its exchange filing late on Friday.
The housing financier faced a stock rout in September last year as well, following the surprise defaults by the Infrastructure Leasing and Financial Services group. Allegations of siphoning of funds by promoters in January only added to its troubles.
Also Read: All You Need To Know About The DHFL Crisis
CARE and Crisil have consistently revised their credit rating on DHFL debt in the past two months, making it even tougher for the firm to raise fresh funds from the debt markets. The company’s called this rating decision “unwarranted” and “speculative”.
Since September last year, the company has repaid close to Rs 40,000 crore of debt. It raised Rs 17,860 crore through retail-asset securitisation in the first nine months of FY19, and mopped up Rs 1,375 crore and Rs 900 crore in two separate develop-loan securitisation transactions in the last six months.
It’s also looking to sell its subsidiaries Aadhaar Housing Finance, Avanse Financial Services Ltd. and its mutual-fund arm DHFL Pramerica Asset Managers.
On Friday, DHFL shares fell 11.08 percent to Rs 83.50 apiece on the BSE while the benchmark Sensex rose 0.22 percent to end the day at 39,615.90 points.
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