DHFL Unit Seeks Nod To Sell Shares To Blackstone-backed BCP Topco

Aadhar Housing Finance (AHFL), an associate company of Dewan Housing Finance Corporation (DHFL), has announced plans to sell shares of the company held by the current promoters to BCP Topco VII Pte Ltd, an entity managed by Blackstone.

AHFL has convened a general meeting of its privately-placed non-convertible (NCD) holders on March 29 to seek their consent for the proposed sale of shares. The current promoters include Wadhawan Global Capital (WGCL) and DHFL, along with Kapil Wadhawan, Dheeraj Wadhawan, and Aruna Wadhawan, among others.

According to AHFL’s annual report for 2017-18, WGCL held 69.98 per cent stake in the company; Kapil Wadhawan and Dheeraj Wadhawan (0.53 per cent stake each); Aruna Wadhawan (0.57 per cent); and DHFL (9.15 per cent). International Finance Corporation has a 16.91 per cent stake.

AHFL is also seeking an unconditional and irrevocable consent for the release of the various Letters of Comfort issued by DHFL for the privately-placed NCDs

Early last month, DHFL said it has initiated measures to rope-in a strategic partner and divest non-core assets. The management assured investors that the company is well capitalised and has enough liquidity to service its debt obligations.

The latest announcements came in the backdrop of allegations made by news portal Cobrapost accusing DHFL’s primary promoters of siphoning off more than ₹31,000 crore of public money through secured loans and advances to shell companies, round-tripping, tax avoidance, and insider trading.