DHFL To Use Proceeds From Aadhar Housing Stake Sale For Bond Repayments
“DHFL will use the proceeds of Rs 500 crore it got by selling its entire 9.15 percent (23,01,090 shares) in Aadhar Housing to fulfil NCD obligations,” sources said. The promoters of Aadhar Housing—Wadhawan Global Capital, DHFL, Kapil Wadhawan, Dheeraj Wadhawan and Aruna Wadhawan—exited Aadhar Housing on June 10 for a consideration of about Rs 2,200 crore.
DHFL’s stake sale in Aadhar Housing to BCP Topco VII Pte Ltd, controlled by private equity funds managed by Blackstone Group, was completed on Monday.
Crisis-ridden DHFL, which delayed on payments towards non-convertible debentures recently, had last week assured that it will meet all payment obligations. The housing finance company is taking all necessary steps to meet repayments within the seven-day grace period and prevent any future default, it had said.
DHFL has caught itself in the liquidity trap post the IL&FS crisis that hit the NBFC sector late September last year.
The Reserve Bank of India had on Thursday said it was closely monitoring the developments in the non-banking financial company sector and will not hesitate to take measures to ensure financial stability. State Bank of India too said it has been closely monitoring its exposure to the NBFC sector for the past 10 months and taking action as required.
On Tuesday, DHFL shares rose 0.50 percent to Rs 89.95 apiece on the BSE while the benchmark Sensex gained 0.42 percent to end the day at 39,950.46 points.