Shares Dewan Housing Finance plunged nearly 9% after the company deferred announcing the Jan-Mar financial results by two weeks.
Shares Dewan Housing Finance plunged nearly 9% after the company deferred announcing the Jan-Mar financial results by two weeks. The company was scheduled to release its quarterly results on June 29 but now it will announce the results on July 13, as per the exchange notification. DHFL’s shares opened at Rs 82 per share against the previous close of 81.70 per share today morning. Currently, the company’s shares are trading at Rs 75.55 a piece, 5.75 per cent lower than the last close.
“Please note that in light of certain unforeseen operational engagements including non-availability of a few directors to ensure participation of all the members of the Audit Committee as well as the Board for taking into consideration and approval of the financial results for the fourth quarter / financial year ended 31st March, 2019, the date of the Board Meeting, inter-alia, to consider and approve the Audited Financial Results (Standalone & Consolidated) of the Company for the fourth quarter / financial year ended 31st March, 2019 and matters relating to the ensuing Annual General Meeting, as intimated earlier i.e. 29th June, 2019 is being postponed to 13th July, 2019,” DHFL said in an exchange filing.
The debt-laden non-banking finance company which is currently embroiled in a liquidity crisis, on Wednesday, had got the SEBI’s approval to exit Mutual Fund’s arm and offload its stake to JV partner. The company also suffered rating downgrade by several rating agencies on account of non-payment of its debt obligations.
DHFL on Tuesday in an exchange notification,said that it had paid Rs 150 crore on a proportionate basis out of an aggregate amount of Rs 375 crore. The balance amount of Rs 225 crore would be paid in the next couple of days. According to market participants as on June 4, DHFL had interest and principal payments obligations to the tune of around Rs 1,100 crore to the industry/investors and the company failed to repay on the due date. on June 11, DHFL said it has paid Rs 961.95 crore towards interest payable on secured redeemable non-convertible debentures (NCDs). According to the filing on the exchanges, DHFL had stated that payments were made within the cure period of seven working days.
On June 5, 2019, rating agencies Crisil, ICRA and CARE had downgraded DHFL’s credit rating on the commercial paper, non-convertible debentures to ‘D’, based on delay in debt servicing due to liquidity crunch, modest capital position and modest earnings.