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videos | IST

Have sufficient liquidity to pay for redemptions, says DHFL

Credit rating agency ICRA downgraded the creditworthiness of DHFL's commercial papers to A2+ from A1+ citing its inability to raise money and generate new business. It has placed the company on a watch-list with "negative implications".
The stock fell up to 7.4 percent in early morning trade on Tuesday on the reports.
Reacting to the same, Kapil Wadhawan, CMD of DHFL, said it’s important to note that the company went on a sell-down mode on retail assets post-September 21, 2018. “Within three months we have sold assets worth Rs 18,000 crore,” he said.
The company’s focus has always been the retail segment, said Wadhawan.
“We have sufficient cash reserves and investments today, equivalent to about Rs 4,500 crore. The company has made substantial strides in overcoming – one, the liquidity challenge that we faced on September 21st by making all the payments post the sell down and second, by selling down some of core strategic assets as well at the group level to ensure that there is adequate liquidity available to tide us through and take us through us this time,” he said, adding “We have sufficient liquidity with us now to pay for redemptions".