{"id":121838,"date":"2019-06-07T21:00:22","date_gmt":"2019-06-07T21:00:22","guid":{"rendered":"https:\/\/www.bnreport.com\/dhfl-says-making-all-efforts-to-meet-debt-obligations\/"},"modified":"2019-06-07T21:00:22","modified_gmt":"2019-06-07T21:00:22","slug":"dhfl-says-making-all-efforts-to-meet-debt-obligations","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/dhfl-says-making-all-efforts-to-meet-debt-obligations\/","title":{"rendered":"DHFL says making all efforts to meet debt obligations"},"content":{"rendered":"

After defaulting on its debt obligations, crisis-hit Dewan Housing Finance<\/a> Ltd (DHFL) Friday said it is taking all necessary steps to meet repayments within the seven-day grace period and prevent any future default. DHFL, the third-largest pure-play mortgage lender, has received rating downgraded on its Rs 850 crore worth commercial papers (CPs) to default grade by Crisil<\/a> and ICRA<\/a> due to delay in meeting its obligations.<\/p>\n

The mortgage lender had defaulted on bond repayments on June 4.<\/p>\n

The company said there has been delay in payment of interest on non-convertible debentures issued by the company through public issue.<\/p>\n

"The company is taking all necessary steps and shall ensure the payment of the due interest within the cure period of 7 days as prescribed under the respective trust deeds pertaining to the said NCDs," it said in a regulatory filing.<\/p>\n

DHFL said it will make necessary disclosures at appropriate time.<\/p>\n

However, a day-ago, DHFL expressed surprise on the rating downgrade on its debt instruments<\/a> saying it has been making and continues to make substantial efforts in ensuring no defaults on any instruments.<\/p>\n

"These actions are unwarranted and the company is seeking clarification on the rationale that predicts DHFL's inability to service pay-outs on the due dates. Such speculative rating rationale is not adequate," the housing finance company said Thursday.<\/p>\n

Besides, DHFL has repaid close to Rs 40,000 crore of financial obligations since September 2018, it said.<\/p>\n

To ensure adequate liquidity to meet the repayments, DHFL also sold its strategic retail assets including Aadhar, Avanse and DHFL Pramerica Asset Managers.<\/p>\n

Following the rating action, shares of DHFL plummeted nearly 16 per cent Thursday. Its shares fell as much as 11 per cent on Friday.<\/p>\n

Crisil in a note on Wednesday said the downgrade to 'default' or 'D' reflects delays in debt servicing by DHFL on some of its non-convertible debentures (NCDs) because of inadequate liquidity. The payments were due on June 4, 2019.<\/p>\n

In the bi-monthly monetary policy<\/a> review Thursday, RBI Governor Read More \u2013 Source<\/strong><\/a>
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