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DHFL falls 9% on partial payment of Commercial Paper dues

The housing finance company managed to settle 40 per cent of the Rs 375 crore that was up for maturity on Tuesday.

SI Reporter  |  Mumbai 

Dewan Housing Finance
Dewan Housing Finance

Dewan Housing Finance Corporation (DHFL) shares dipped 9 per cent to Rs 68.70 on the BSE during intra-day trade on Wednesday after the company said it has defaulted on unsecured commercial paper (CP) of Rs 225 crore that matured on Tuesday. The housing finance company (HFC), however, managed to settle 40 per cent of the Rs 375 crore that was up for maturity.

“Out of the aggregate amount of Rs 375 crore, Rs 150 crore i.e. 40 per cent has been paid on a proportionate basis and the balance amount of Rs 225 crore shall be paid in next couple of days once the surplus cash flow position improves over the next couple of days,” said in a regulatory filing.

The company said it was in the process of selling down its loan assets including wholesale project loans to make good all its obligations and maintain its 100 per cent commitment to all its creditors as it has done since the liquidity crisis started in September 2018.

"The company does not differentiate between secured and unsecured creditors and will continue to uphold its standing as one of the leading HFCs of the country," it added.

At 09:18 am, was trading 5 per cent lower at Rs 72 on the BSE, as compared to a 0.08 per cent decline in the S&P BSE Sensex. A combined 3.69 million shares have changed hands on the counter on the NSE and BSE so far. The stock touched a 52-week low of Rs 60 on June 19, 2019 in intra-day trade.

First Published: Wed, June 26 2019. 09:24 IST