Shares of Dewan Housing Finance (DHFL) gained on Wednesday after the company said it has cleared all its overdue payments on non-convertible debentures (NCDs). The NBFC also paid Rs 962 crore in interest on NCDs), which fell due on June 4.
The stock rose as much as 6.6 percent in morning deals to Rs 95.90 per share on BSE. At 9:35 am, the stock was trading 4.3 percent higher at Rs 93.85 per share as compared to a 0.36 percent (145 points) fall in BSE Sensex at 39,804.
The company confirmed that it has made a full payment towards interest payable on secured redeemable NCDs issued by way of a public issue within the cure period of seven working days. "The Company has made interest payments in lieu of Rs. 961 crores as committed to its debenture holders. With this tranche, the company confirms full payment and will seek rating upgrades from agencies," it added.
Earlier, ICRA and Crisil had downgraded ratings on DHFL's commercial papers worth Rs 850 crore to default due to a delay in payments. Crisil and ICRA downgraded the commercial paper to ‘D’ from ‘A4+’ and ‘A4’, respectively.
Since September 2018, the company has managed to make liabilities payment of over Rs 36,000 crore without availing any fresh funding from any lender. The Company reaffirms that they are committed to meeting all future debt servicing obligations in a timely manner, through further asset monetisation plans as well as onboarding of a strategic partner for its business, the filing added.
Recently the NBFC sold its entire stake (9.15 percent) in Aadhar Housing Finance to Blackstone. As part of the deal, the DHFL promoter group will get Rs 800 crore from the stake sale.
Since January, DHFL has tanked 64 percent. The one-year return on DHFL stock is negative, with the NBFC stock down by over 85 percent. During the same period, the Sensex has risen 12 percent.
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