Despite troubled with a huge standalone net loss of Rs. 2223 crore as on March 31,2019, the Dewan Housing Finance Corporation [DHFL],on Tuesday, assured that its lenders will not have to face any haircuts under the resolution plan.
As part of the resolution plan , which was cleared by the Special Committee of the DHFL Board on Tuesday , DHFL will put a moratorium of repayments and will also seek funding from Banks and the National Housing Board for restarting retail- lending.
The Plan will also take steps to address the asset- liability mismatch. It also plans to bring in a Strategic Investor. Further, it hopes to take Rs. 7000 Crore at Stake sale.It will bring down the promoter stake to 20-25 %. It will seek fresh loans while trying to extend the repayment tenure till Sep 25.
SBI-led consortium and Aion Capital are in the lead to take equity stake. The Company has appointed Ernst&Young as its Financial advisors.Meanwhile ,Deloitte has resigned as its Joint Statutory Auditor. The Company is in talks with audit firms to appoint a new auditor.
Out of the Rs. 1 lakh crore as the outstanding debt, 38% are from banks and 47% through debt borrowing. About 30 -odd banks have a collective exposure of Rs. 40,000 crore to DHFL [ Term loans of Rs. 24,000 crore & NCD investments of Rs. 16,000 crore]. Banks that have lent to DHFL has already signed an Inter-Creditor agreement and are also trying to work with bond holders including mutual funds and insurance companies on the resolution plan.