Government orders SFIO probe against crisis-hit DHFL
NEW DELHI: The government of India has ordered an SFIO probe into alleged financial irregularities at mortgage lender DHFL after finding instances of suspected fund diversions, according to a source. Dewan Housing Finance Ltd (DHFL) came under the scanner in the wake of allegations that the company had siphoned off Rs 31,000 crore worth bank […]
IL&FS, DHFL, Cox & Kings and now Altico, why raters keep missing big defaults
Mounting debt failures in India have been catching rating companies off guard, underscoring continued challenges a year after the landmark failure of shadow bank IL&FS increased scrutiny of the industry. Defaults at companies including Dewan Housing Finance Corp., Cox & Kings Ltd. and Altico Capital India Ltd. have occurred even as their long-term ratings indicated […]
DHFL board approves plan to convert debt into equity, sell assets
BENGALURU: 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 […]
DHFL seeks a Rs 15,000-crore lifeline as resolution plan gets delayed
NEW DELHI: Troubled mortgage lender Dewan Housing Finance (DHFL) has sought Rs 15,000 crore from banks immediately to pay its retail customers and project developers, said sources. The company last week submitted a draft resolution plan to lenders. “The money will be used to fund viable projects that are stuck due to lack of money,” […]
DHFL says it may not be able to fulfill immediate debt payments
BENGALURU: India’s debt-laden shadow bank Dewan Housing Finance Corp Ltd (DHFL) on Thursday said it may not be able to fulfill its debt obligations due in the near future. This comes days after the company said its creditors would not have to take any haircut on principal payments under its resolution plan. DHFL, the fourth-biggest […]
DHFL’s bondholders get three-week deadline to be on board with rescue plan
BY: Nupur Anand and Abhirup Roy MUMBAI: Bondholders of troubled shadow lender Dewan Housing Finance Ltd (DHFL) have been given a three-week deadline to decide if they are on board with a rescue plan being evaluated by banks, according to a letter sent by a custodian of DHFL bonds, seen by Reuters. The banks have […]
Kotak mutual fund exposure in DHFL at Rs 140 crore
KOLKATA: Kotak Mahindra Asset Management Company has a total exposure of around Rs 140 crore in crisis-hit home loan and property finance firm Dewan Housing Finance Corporation Ltd (DHFL), a source said. The total exposure of the mutual fund industry in the company is estimated at Rs 5,000 crore from 10 asset management companies (AMCs), […]
Lenders to DHFL ready for haircut in rescue: Sources
BY: Swati Bhat and Nupur Anand MUMBAI: Lenders to India’s Dewan Housing Finance Ltd (DHFL) are ready to accept limited haircuts in a restructuring plan being worked out for the troubled firm, sources said. The country’s fourth largest housing finance company, which warned on Saturday that its financial situation was grim and business had ground […]
DHFL promoters look to sell half of their stake for $1 billion
NEW DELHI: Promoters of debt-ridden mortgage lender DHFL are in talks with private equity firms and are expecting to garner USD 1 billion (about Rs 6,900 crore) by selling nearly 50 per cent of their holdings, sources said. The Wadhawan family, the promoters of the company, currently holds close to 40 per cent stake in […]
DHFL CEO Harshil Mehta resigns
NEW DELHI: DHFL on Wednesday said its CEO Harshil Mehta has decided to resign from his position with immediate effect. “However, he would continue to be associated with the company and shall hold the designation of Executive President -Retail Business with effect from February 14, 2019,” DHFL said in a regulatory filing on stock exchanges. […]
I-T dept seeks explanation from DHFL on “suspicious” deals, company says no reference
NEW DELHI: The Income-Tax Department has sent notices to crisis-ridden NBFC, Dewan Housing Finance Corporation Ltd (DHFL), seeking its books of accounts and asked it to clarify the “unexplained transactions” which the firm has denied saying there is no reference to any “any suspicious transactions”. Sources said the department’s Mumbai tax office has learnt of […]
DHFL siphoned off Rs 31,000 crore of public money: Cobrapost Report
NEW DELHI: A news website on Tuesday claimed that primary promoters of DHFL (Dewan Housing Finance Corporation), a housing finance institution, siphoned off over Rs 31,000 crore of public money through loans and advances to shell companies and other means to create private wealth for themselves. Calling it the “biggest banking scam in Indian history”, […]
DHFL to raise Rs 1,500 crore on November 15
NEW DELHI: Dewan Housing Finance Corporation Ltd (DHFL) said Monday the company plans to raise Rs 1,500 crore through an issue of bonds. The company proposes to issue secured redeemable non-convertible debentures amounting to Rs 1,500 crore on private placement basis, the company said in a regulatory filing. The issue will open on Thursday and […]
BNP Paribas Arbitrage buys DHFL shares worth Rs 153 crore
NEW DELHI: BNP Paribas Arbitrage Fund on Wednesday bought shares of Dewan Housing Finance Ltd (DHFL) worth over Rs 153 crore through open market transactions. Besides, one Mridul Singhania bought DHFL scrips worth Rs 50 crore. According to bulk deal data available with NSE, BNP Paribas Arbitrage purchased 51,45,821 shares of the housing finance firm […]