DHFL says loan recast on track, to meet shareholders

The DHFL board has said that it is on course to restructuring its loans with banks, authorising chairman Kapil Wadhawan to hold a meeting of shareholders, even as the embattled home financier examines non-binding agreements for a stake sale to keep the company afloat.

The company, which told exchanges in a late Monday filing that Wadhawan is empowered to fix the date of the annual general meeting, has also disputed findings of the housing finance regulator on its capital position.

The company has received a letter dated July 3, 2019, from the National Housing Bank (NHB), the regulator. It contains observations from inspections carried out by NHB for the year ended March 31, 2018.


There are observations on the financier’s reduced capital adequacy ratio, at 10.24 per cent, at the end of FY18. “The management does not concur with the observation of the NHB and will provide an appropriate response within the stipulated time,” DHFL told the exchanges.

Inter Corporate Deposits (ICD) aggregating to Rs 5,652 crore were outstanding at the end of FY19. Of these, ICDs aggregating Rs 408 crore have since been repaid, and deposits worth Rs 3,937 crore are expected to be repaid shortly, DHFL said.