NEW DELHI: Shares of DHFLNSE -1.46 % slid 3 per cent in Monday’s trade as lenders to the NBFC were scheduled to meet later in the day, seeking a solution for the Rs 90,000 crore debt that is owed to them.
By 9.20 pm, the scrip was down 2.84 per cent to Rs 70.05on BSE. The scrip has lost 70 per cent of its market value in 2019 so far.
The consortium of 30 lenders led by state-run Union Bank of IndiaNSE -0.49 %, which includes banks and other financial institutions, may also consider conversion of debt into equity that can make them the largest shareholder in the mortgage lender, sources said over the weekend.
The NBFC postponed release of its fourth quarter results to July 13 from June 29 earlier, citing unforeseen operational engagements including non-availability of a few directors to ensure participation of all the members of the audit committee.
The company has resorted to various modes of fund mop-up including selling stake in subsidiary firms to meet its debt obligations. It hopes to shortly divest its full stakes in subsidiary firms DHFL Pramerica Asset Managers and DHFL Pramerica Tru ..
Recently, it defaulted on 60 per cent of principal repayment on its commercial papers worth Rs 375 crore. It defaulted on principal repayment on commercial papers (CPs) worth Rs 225 crore, while the payment on rest of Rs 150 crore was done.
DHFL said the balance of Rs 225 crore will be paid once the surplus cash flow position improves over the next couple of days.
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