Crisis-hit Dewan Housing Finance Corporation (DHFL) on Saturday reported a net loss of Rs 2,224 crore for the fourth quarter ended March 2019.
Its assets under management (AUM) grew 8 percent YoY to Rs 1,19,992 crore during FY19, the bank said in a regulatory filing.
According to DHFL, the company is in an advanced stage of submitting its resolution process under the ICA entered by banks. ICA will examine and firm up terms of the resolution process by July 25. The resolution will be made operational before September 25.
The Wadhawan family, who owns a little over 39 percent in the company, has been looking at various ways of coming out of the stress which first came to light late last year following the IL&FS bankruptcy. These include selling stakes in group entities, including in the flagship to the extent of giving up half of their stake.
DHFL has seen a rash of rating downgrades last month after it defaulted on Rs 1,150 crore to its bondholders due on June 4. This led to a downgrade of its Rs 850-crore commercial papers to 'default' by three rating agencies.
(This is a developing story. Check back for more details)
First Published: IST