 "DHFL")
India's crisis-hit shadow bank Dewan Housing Finance Corp (DHFL) said on Friday its board had approved a plan that included converting debt into equity, even as it seeks to sell assets and raise more capital.
The conversion of debt into equity may result in a change in ownership, the company said in a regulatory filing, adding that the plan still needed shareholder approval.
DHFL, India's fourth-biggest housing finance company, has roughly Rs 1 trillion ($14.15 billion) of debt, and owes about 400 billion rupees to banks alone. The company hasn't been able to service its debt and it has defaulted
