DHFL Defaults On NCDs

Cash-strapped Dewan Housing Finance Corporation Ltd (DHFL) on Tuesday said it has defaulted on five-year secured non-convertible debentures (NCDs) carrying 9.32 per cent coupon.

In a stock exchange notice, the housing finance company said the current default amount was ₹25.06 crore towards interest on the aforesaid NCDs. Six investors were holding the NCDs as on date of default (July 29).

As per the notice, the gross principal amount is ₹274 crore.

DHFL said it is in discussions with its bankers for restructuring its liabilities and is working on a resolution plan to be submitted to the lenders.

On July 5, the company informed the exchanges that it has defaulted on interest payment of ₹4.76 crore on NCDs due on July 3 and 4.