DHLF lenders are all set to meet next month to come up with a rescue package, reported Business Standard, adding that the plan could range from reworking of the loan payments to organising a new management team.
“We will take a comprehensive look at the repayments done to date, the steps are taken to sell assets, discuss the broad contours of the rescue package, and preparations for repayments over the next few months,” a senior banker involved with the development was quoted as saying in the report.
The development comes weeks after rating agencies Crisil and Icra downgraded the rating of the non-banking financial company's commercial paper (CP) to “D” from "A4+" and "A4", respectively. While DHLF stated that the move was unwarranted and questioned the rationale behind such a step, the prospects do not seem to be that good for it.
The firm is staring at a Rs 750 crore CP liability and many rating agencies have even questioned its ability to meet its obligations. This, the report said, has raised concerns among the lenders that include State Bank of India, Axis Bank, HDFC Bank, ICICI Bank, and Union Bank.