DHFL was lending Rs 4,000 cr a month before it was beset with liquidity problems and hopes to be able to lend Rs 1,500 cr a month once the issues are sorted out.
Dewan Housing Finance Corporation on Wednesday announced it has concluded the sale of a 17.12% stake in DHFL Pramerica Asset Managers to PGLH of Delaware. Informing exchanges, the company stated the deal also included an additional 32.88% stake divestment in DHFL Pramerica Asset Managers held through a wholly-owned subsidiary DHFL Advisory & Investments.
The home loan financier also sold its 50% stake in DHFL Pramerica Trustees to PGLH of Delaware. The above mentioned deal is part of the company’s effort to sell down its non-core investments in associates to generate liquidity.
DHFL was lending Rs 4,000 crore a month before it was beset with liquidity problems and hopes to be able to lend Rs 1,500 crore a month once the issues are sorted out.
The company’s lending operations have come to a standstill and operations have shrunk ever since it got into trouble and defaulted on its commitments to lenders.
The cash-strapped home loan financier has a cumulative debt of Rs 1 lakh crore, of which it owes Rs 38,000 crore to banks and Rs 34,000 crore to bondholders. Mutual funds have an exposure of Rs 2,200 crore to DHFL via NCDs and Rs 180 crore of CP.
Only last week, the firm announced it would shortly submit a proposed plan for resolution to its consortium of lenders.