Promoters of non-banking financial company Dewan Housing Financial Ltd are looking to finalise the sale of their stake in the firm in a month, CNBC-TV18 has learnt. Apollo Global, ICICI Venture-backed Aion Capital, Lone Star and Cerebrus are among the potential buyers.
The promoters have received an indicative term sheet for a deal and are looking to make the deal binding in a month, sources told CNBC-TV18. Wadhawans' stake in the company is likely to fall sharply following the deal, which would result in changes in management at DHFL.
The struggling NBFC has missed a payment deadline on Rs 1,150 crore non-convertible debentures due to liquidity crunch, sources privy to the development said. The company has said it is taking all steps necessary and shall ensure that the payment fallen due by way of interest is paid within the cure period of seven working days.
The company further clarified that it had made substantial efforts in ensuring no delay or defaults on any repayment of its financial obligations, including selling its stake in Aadhar, Avanse and DHFL Pramerica Asset Managers.
According to sources, Blackstone, which has agreed to buy nearly 80 percent of DHFL unit Aadhar Housing Finance in February, is expected to pay Rs 25,000 crore for the Aaadhar deal to DHFL by June 10. DHFL will pay dues of around Rs 1,000 crore on June 10 or June 11, they added.
The company, which faced rating downgrade by major rating agencies last month, further said it had repaid close to Rs 40,000 crore of financial obligations since September 2018.