DSP Mutual Fund Recovers Entire Dues Of Rs 150 Crore From DHFL
Asset manager DSP Mutual Fund has recovered the entire dues of Rs 150 crore from the troubled mortgage lender Dewan Housing Finance Corporation Ltd.
The third-largest pure-play mortgage lender had borrowed money from the fund house through the commercial paper route, but paid only half of the dues in June.
DHFL has been the most severely impacted large financiers in the non-banking finance companies’ crisis, that has engulfed the world of finance since September last when industry major IL&FS went belly up. It has defaulted on multiple commitments and has also been forced to sell off non-core assets as the promoters seek to repay loans.
DHFL owes around Rs 1 lakh crore to the system, including over Rs 50,000 crore to banks, while the rest are from entities like mutual funds. It is in talks with bankers for a restructuring and the lenders are mulling a lifeline of Rs 7,000 crore, according to media reports.
In a statement, DSP Mutual Fund Monday said the remaining amount of Rs 75 crore was paid last Saturday, resulting in a "complete recovery" for the commercial papers held its various mutual fund schemes.
"Over the past two months we have been engaged with the issuer for the pending recoveries," it said.
After the payment, there has been a positive impact on seven of the funds, it said, listing out the exact valuation gains which range from 0.19 percent to 2.73 percent.