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Debt-laden DHFL gets Sebi approval to exit mutual fund business

Debt-laden Dewan Housing Finance Corporation (DHFL) on Wedne..

Debt-laden Dewan Housing Finance Corporation (DHFL) on Wednesday said it has received the Securities and Exchange Board of India's (Sebi) approval to exit its mutual fund business by selling its 50 per cent stake to Prudential Financial.

The company had entered an agreement with Prudential Financial to divest its 50 per cent holding in DHFL Pramerica Asset Managers (DPAMPL) — 17.12 per cent held directly and 32.88 per cent held by its wholly-owned subsidiary, DHFL Advisory & Investments.

“We wish to inform you that Sebi vide its letters June 25, 2019 addressed to DPAMPL has granted its prior approval for proposed change in controlling interest of DPAMPL and for amendment in trust deed under the applicable provisions of Sebi (Mutual Funds) Regulations, 1996 subject to certain conditions,” DHFL said in an exchange filing.

On Tuesday, DHFL could barely meet 40 per cent of a Rs 375 crore repayment commitment towards commercial papers, highlighting the cash flow strRead More – Source

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