INSUBCONTINENT EXCLUSIVE:
company is in talks with financiers to help meet its Rs 1,000-crore-plus obligation within the seven-day grace period and prevent a
default.
Multiple market sources told ET that UTI Mutual Fund and some private sector lenders, including Axis Bank and IndusInd Bank, were
among the investors that bought DHFL debt sold last year
Some individual investors are also said to have invested in these.
Emails sent late in the evening to DHFL and the three institutional
(Wednesday) because of Eid
which interest payments can be made, the person added.
The delay in payments will require MFs to mark down their Net Asset Values (NAVs) by
about 75% in the DHFL instruments in order to avoid any redemption pressure by wealthy investors.
Last year in June, the home financier
raised about Rs 11,000 crore through public issue of bonds
These non-convertible debentures (NCDs) offered investors annual yields of 8.90 per cent to 9.10 per cent across maturities.
Pune-based
Catalyst Trusteeship was the custodian for the bond sale.
DHFL has been facing a cash crunch since September, when ILFS defaulted on its
The home financier has so far taken a two-pronged approach to raise money.
While it is in talks with international private equity players to
sell the promoter stake strategically, it has also been selling down loan portfolios
This route is used by para banks and home financiers to sell down loans to banks at a negotiated price.
Since the NBFC liquidity crisis
began in September, DHFL has sold retail loans worth about Rs 30,000 crore via securitisation
In this period, the home financier has paid about Rs 40,000 crore of financial obligations.
DHFL is also holding talks with US-based Oaktree
Capital on offloading wholesale realty loans worth Rs 17,000-18,000 crore, and has signed a nonbinding pact to this effect, ET reported on
management.
In September, DHFL faces another big round of payments.
Some large state-owned companies are expected to extend credit lines to
DHFL, but with stricter conditions, the person said.
A few weeks ago, Crisil downgraded DHFL commercial paper to A4+ from A3+, citing
period.
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