DHFL makes Rs 962 cr payment towards NCDs
New Delhi: Crisis-ridden DHFL said Tuesday it has paid Rs 962 crore towards interest payment on debt instruments which fell due on June 4, and met the seven-day "cure period" to pay off its obligation.
"In view of the confirmation given by the company dated June 7, 2019, we hereby confirm that the company has today made full payment towards interest payable on secured redeemable non-convertible debentures (NCDs) issued through a public issue within cure period of seven working days," the company said in a regulatory filing.
DHFL has paid the interest towards a total of 12 debt instruments (NCDs) amounting to Rs 961.95 crore which were due for payment on June 4, 2019, according to the filing. This payment of Rs 962 crore is inclusive of the Rs 500 crore DHFL received from exiting its entire stake in subsidiary firm Aadhar Housing Finance Ltd (Aadhar). Sources earlier in the day told PTI that the NBFC would use the proceeds of Rs 500 crore it got by selling its entire 9.15 per cent (23,01,090 shares) in Aadhar Housing to pay-off NCD obligations.
DHFL has met its obligation towards NCDs within the stipulated "cure period" or grace period, it raises questions Crisil and ICRA that had downgraded ratings on its commercial papers (CPs) worth Rs 850 crore earlier last week, citing delay in payment, the sources said further.
The non-banking finance company (NBFC) had to meet payment obligation worth Rs 961.95 crore on public NCDs and Rs 200 crore towards private placement NCDs. The payment towards Rs 200 crore (private placement) was paid in complete last week, the sources said further.
DHFL has caught itself in the liquidity trap post the IL&FS crisis that hit the NBFC sector late September last year. The Reserve Bank of India, on its policy outcome last Thursday also said it was closely monitoring the developments in the NBFC sector and will not hesitate to take measures to ensure financial stability. SBI too said it has been closely monitoring its exposure to the NBFC sector for the past 10 months.
