DHFL, faced with a liquidity crisis and defaults, is selling stake in subsidiaries DHFL Pramerica Asset Managers and DHFL Pramerica Trustees to meet debt obligations. (Photo: BloombergQuint)

DHFL Postpones Q4, FY19 Results By Two Weeks

Crisis-hit Dewan Housing Finance Corporation Ltd. on Friday said it has delayed its financial results for the quarter ended March 31 and 2018-19 by two weeks.

DHFL said the Q4 results were postponed due to "certain unforeseen operational engagements including non-availability of a few directors to ensure participation of all the members of the audit committee as well as the board for taking into consideration and approval of the financial results for Q4 and 2018-19".

The non-banking financial company has been facing a liquidity crisis and has recently defaulted on its repayment obligations. It has resorted to various modes of fund mop-up including selling stake in subsidiary firms to meet its debt obligations.

"The date of the board meeting...to consider and approve the audited financial results of the company for Q4 and 2018-19, and matters relating to the ensuing annual general meeting, as intimated earlier that June 29, 2019 is being postponed to July 13, 2019," DHFL said in a regulatory filing.

DHFL had earlier this week said it will shortly divest its full stakes in subsidiary firms DHFL Pramerica Asset Managers and DHFL Pramerica Trustees to shore up cash and meet debt obligations.

On Tuesday, it defaulted on 60 percent of principal repayment on its commercial papers worth Rs 375 crore. The balance of Rs 225 crore will be paid once the surplus cash flow position improves over the next couple of days, DHFL had said.

Bloomberg Quint

Add BloombergQuint App to Home screen.