DHFL makes fresh default on ₹1,571 crore bond repayments
The defaults pertain to three cases with regard to interest payment on non-convertible debentures and commercial papersThe beleaguered NBFC has not been able to fulfil its obligations towards debt repayment in the recent past
PremiumNEW DELHI : DHFL on Monday said it has defaulted on its financial repayment obligations worth ₹1,571 crore with regard to issuance of bonds and commercial papers.
The defaults pertain to three cases with regard to interest payment on non-convertible debentures and commercial papers (CPs), Dewan Housing Finance Corporation Ltd (DHFL) said in a regulatory filing.
In a break-up, the non-banking financial company (NBFC) said it has defaulted on ₹46.92 crore towards interest amount on secured NCDs (9.92 per cent and 9.40 per cent/10 year tenor); on NCDs issued through a public issue for multiple tenors of amount involving interest of ₹363.77 crore and principal amount of ₹1,059.91 crore.
Besides, defaults of ₹100 crore occurred on CPs.
The beleaguered NBFC has not been able to fulfil its obligations towards debt repayment in the recent past and there have been several cases of defaults on commercial papers and bonds.
The company is estimated to be sitting on a debt-pile of over ₹90,000 crore.
The NBFC sector has been reeling under stress since the unfolding of the IL&FS liquidity crisis in September 2018 due to alleged fraud and mis-management issues.
Stock of DHFL closed 6.86 per cent up at ₹49.05 on BSE.
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This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.
