DHFL shares bounce back; zoom over 14 pc

Shares of DHFL bounced back and zoomed over 14 per cent on Tuesday after the company said it expects in-principle approval from lenders for its resolution plan by month-end.

The scrip advanced 14.16 per cent to close at Rs 60.05 on the BSE. Intra-day, it jumped 17.49 per cent to Rs 61.80.

On the NSE, the shares rose sharply by 13.61 per cent to close at Rs 59.65.

In terms of volume, 64.90 lakh shares were traded on the BSE, while over nine crore shares were traded on the NSE.

The scrip had fallen 6.48 per cent on the BSE in the last two sessions.

The ability of the company to continue as a going concern is predicated upon its ability to monetise its assets, secure funding from bankers or investors, restructure its liabilities and recommence its operations, DHFL said in a late evening regulatory filing on Monday.

The company said it is in the process of submitting a resolution plan to the lenders who are expected to give in-principle approval by month-end.

It further said that DHFL has received non-binding indicative term sheets as part of the proposed corporate restructuring of the company and any proposal approved will constitute a part of the resolution plan.

Dewan Housing Finance Ltd (DHFL) has suffered consistent downgrades in its credit ratings since February 2019.