NHB Gives Nod To DHFL To Divest Stake In Aadhar Housing Finance

Dewan Housing Finance Corporation Ltd (DHFL), on Tuesday, said the divestment of its stake in Aadhar Housing Finance Ltd is expected to be completed shortly following receipt of National Housing Bank’s prior approval.

In February, the special committee of DHFL’s board of directors had accorded approval to disinvest to BCP Topco VII Pte Ltd (acquirer), which is controlled by private equity funds managed by Blackstone, 23,01,090 (9.15 per cent) equity shares, the company’s entire shareholding held in Aadhar, DHFL said in a stock exchange filing.

“In continuation to the above, we wish to inform you that the National Housing Bank has granted its prior approval for proposed acquisition of control of Aadhar, subject to conditions.

“Accordingly, the divestment of the company's stake in Aadhar is expected to be completed shortly,” said DHFL.

On April 30, DHFL informed the exchanges that credit rating agency ICRA has downgraded the rating on its commercial paper programme, aggregating ₹850 crore, from ‘A2+’ to ‘A3+’, in view of deterioration in the company’s liquidity profile and lack of fresh on-book funding during the last three months.