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DHFL to use Rs 500-cr proceeds from Aadhar Housing stake sale towards NCD payment

Wednesday, June 12, 2019

DHFL will use the Rs 500 crore it got from selling stake in subsidiary firm Aadhar Housing Finance Limited towards payment of bonds, sources said yesterday.  The promoter of Aadhar Housing --Wadhawan Global Capital (WGC), DHFL, Kapil Wadhawan, Dheeraj Wadhawan and Aruna Wadhawan, who all formed part of promoter and promoter group of DHFL have completely exited Aadhar from June 10, 2019, for about Rs 2,200 crore.

"DHFL will use the proceeds of Rs 500 crore it got by selling its entire 9.15% (23,01,090 shares) in Aadhar Housing to pay towards its obligation for pay-off for NCD obligations," sources said. The sale/transfer of entire stake held by Dewan Housing Finance Corporation Limited (DHFL) in Aadhar Housing Finance Limited (Aadhar) to BCP Topco VII Pte Ltd, which is controlled by private equity funds managed by Blackstone was completed on Monday.

Crisis-ridden DHFL, which delayed on payments towards non-convertible debentures (NCDs) recently, had last week assured that it will meet all payment obligations.

Company is taking all necessary steps to meet repayments within the seven-day grace period and prevent any future default, it had said.

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