Dewan Housing Finance Corporation Ltd. on Saturday said it has defaulted on interest payments worth Rs 48 crore due to investors who held the company's non-convertible debentures.
The company missed interest payments due on July 6 and 8, it said in a statement to the stock exchanges while reporting its January-March quarter results. The housing finance company is currently battling a liquidity crisis that started last year.
In June, the company had held up repayments twice. The first time, when it delayed repayments on June 5, the company managed to repay its dues within seven days. It defaulted again on June 25.
Lenders to the company are working on a resolution plan and the company expects a final plan to be in place by July 25. In its stock exchange notification, the company said that it expects to restart its operations by August 2019 and grow it over the following months.
The company said its board has appointed Senior Vice President Asish Saraf as its chief risk officer for a period of three years.
In the January-March quarter, the company reported a Rs 2,223-crore loss. The company's gross non-performing asset ratio rose to 2.74 percent as on March 31, from 0.96 percent percent in the year-ago period.
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