Lenders optimistic of supporting the resolution plan: DHFL

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Published: September 5, 2019 9:57 PM

"As we concluded the financial year 2018-19, the search to bring in an equity partner with a strong interest in continuing with the growth of our retail business has reached a promising phase," DHFL said in its annual report 2018-19.

DHFL, IL&FS, NBFC, Union Bank of India, retail business, latest news DHFLDHFL has become the poster boy of the NBFC (non-banking financial company) crisis that afflicted the financial sector after the infrastructure lender IL&FS went belly up last September.

Debt-ridden mortgage lender DHFL has said lenders are optimistic of supporting the resolution plan that will ensure a positive outcome for all. The consortium of 31 lenders led by Union Bank of India is still working on the resolution.
DHFL has become the poster boy of the NBFC (non-banking financial company) crisis that afflicted the financial sector after the infrastructure lender IL&FS went belly up last September.

“As we concluded the financial year 2018-19, the search to bring in an equity partner with a strong interest in continuing with the growth of our retail business has reached a promising phase,” DHFL said in its annual report 2018-19.

Also read: Jaypee Infratech insolvency: NBCC offers in SC to prepare revised plan for taking over stalled projects

“Lenders are optimistic of supporting the resolution plan that will ensure a positive outcome for all. We are optimistic of getting the company back on the path of glory while retaining the trust your company has witnessed,” it said. It further said the company will originate all future loans with a strong focus on securitisation, which will be the thrust of our future growth.

Cross-sell will continue to remain yet another area of strength and the company will build some strong product offerings to supplement customers’ needs, it said. For the financial year 2018-19, DHFL posted a loss of Rs 1,036 crore. It logged a profit of Rs 1,240 crore in 2017-18. Meanwhile, the company defaulted on interest payment of some of debentures which was due on September 3.

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