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Exclusive: DHFL sells Aadhar Housing Finance stake to Blackstone

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Exclusive: DHFL sells Aadhar Housing Finance stake to Blackstone

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The DHFL promoter group will get Rs 800 crore from the transaction and the company will utilise parts of Aadhar deal proceeds and securitisation of the portfolio to pay its non-convertible debentures (NCDs) dues.

Dewan Housing Finance Corporation (DHFL) has closed the deal to sell stake in Aadhar Housing Finance to investment firm Blackstone, sources told CNBC-TV18.

The DHFL promoter group will get Rs 800 crore from the transaction and the company will utilise parts of Aadhar deal proceeds and securitisation of portfolio to pay its non-convertible debentures (NCDs) dues on June 11.
Dewan Housing Finance Limited (DHFL) shares gained 6.5 percent after chairman Kapil Wadhawan told CNBC-TV18 in an exclusive interview that the company is not facing any solvency issues and is well on track with the NCDs pay-out.
Earlier, DHFL shares plunged 10 percent on Friday, extending previous session's fall, after rating agencies Crisil and Icra downgraded the company's Rs 850-crore commercial paper to ‘D’ from ‘A4+’ and ‘A4’, respectively. The ratings downgrade came a day after the mortgage lender delayed interest payment worth Rs 1,150 crore to the investors of NCDs.
However, DHFL chairman Kapil Wadhawan told CNBC-TV18 that terming the crisis as a solvency issue was a misnomer. “I have heard some market experts talk about solvency issues, about DHFL being tagged with some other companies which have had similar problems from different sectors. We are a financial institution, we have underlying assets which keep on giving us cash flow even today. Now if you abruptly stop the lending activity for a large institution like us with more than Rs 1.25 lakh crore worth assets under management and expect us to start paying down the liabilities of all creditors, even a bank today would not survive."
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