DHFL surges 12% on payment of pending amount to DSP Mutual Fund, IDBI AMC

DHFL shares zoomed as much as 12 per cent intra-day to Rs 51.95 apiece on the National Stock Exchange (NSE) on Monday after paying the entire pending amount to DSP Mutual Fund.

DSP Mutual Fund had an exposure of Rs 150 crore to Commercial Papers (CPs) issued by DHFL with scheduled maturity on June 25, 2019. The company had made part payments of Rs 60 crore on June 28, 2019, cumulatively paying Rs 75 crore (equivalent to 50 per cent of the total exposure) till June 28, 2019.

"On September 7, 2019, the company paid the balance amount of Rs 75 crore to DSP MF," CNBC TV18 reported.

Moreover, IDBI AMC has also said it received the balance Commercial Paper amount of Rs 12.5 crore from DHFL on Saturday, the TV channel reported. Notably, both DSP Mutual Fund and IDBI Asset Management Company (AMC) had moved Bombay High Court against DHFL under the commercial summary suit.

DHFL is currently going through debt resolution process under the inter-creditor agreement led by banks.

According to a separateThe Economic Times report, DHFL's lenders are considering Rs 7,000 crore in emergency funding to the debt-laden financier even as the creditors decide on the formula for conversion of debt into equity, which is a key part of the proposed restructuring plan.

At 12:36, the stock was trading 7.08 per cent higher at Rs 49.90 as compared to a 0.62 per cent rise in the Nifty50 index. A combined 17 million shares have changed hands on the NSE and BSE so far.