DHFL Says It Paid Over Rs 30,000 Crore To Creditors Since September
Housing finance firm Dewan Housing Finance Corporation refuted “unwarranted speculation” over its debt repayment ability, saying it has made payments of over Rs 30,000 crore towards interest and principal since September.
DHFL was in news for liquidity issues and allegations of siphoning off bank loans through layers of shell companies. In a regulatory filing, DHFL said that over the last one week, there has been a lot of unwarranted speculations in the market about continuous weakening of DHFL’s credit profile as a servicer.
“We would like to place on record that the slowdown in business activity in the industry has not had any adverse impact on DHFL’s debt repayment ability or loan servicing and collections of the company,” it said.
Since Sep. 24, the company said, it has made more than Rs 30,000 crore of principal and interest payments to its creditors including its fixed deposit holders.
“Please note that from a servicing standpoint, collection efficiency has remained over 99 percent every month since September 2018,” it added.
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Citing data on its collection efficiency and Electronic Clearance Service repayment return rates, DHFL said all the factors show that there has not been any impact on collections and servicing activity of the company.
Furthermore, business infrastructure and delivery has been maintained at almost the same levels since the crisis began in September 2018, the filing said.
DHFL’s shares closed at Rs 116.35 apiece on BSE, almost flat over Thursday close.