Dewan Housing awaits money from Blackstone to avert payments default

Dewan is behind schedule in meeting debt obligations as it missed paying Rs 960 crore of interest that was due Tuesday.

Investors in rupee corporate bonds are waiting to see whether Dewan Housing Finance Corp. will repay Rs 125 crore of bond payments due this month, and help avoid a further worsening in sentiment in India’s credit markets.

Dewan is already behind schedule in meeting debt obligations as it missed paying Rs 960 crore of interest that was due on Tuesday on bonds, a company official said, adding that the debt would be serviced in the next seven days. The home financier is expected to get money from Blackstone Group LP on Monday from a previously agreed group unit sale.

That