Shares of Dewan Housing Finance Corporation (DHFL) fell 6 percent on September 26, a day after Catalyst Trusteeship said DHFL defaulted in payment of interest and principal on NCDs.
Catalyst Trusteeship, the debenture trustee, said DHFL defaulted in payment of interest and principal due on September 20 in respect of non-convertible debentures (NCDs) of private placement bearing.
Meanwhile, the company has said the resolution plan is in final stages and once the same is finalized, terms of the same will be made available.
The company held a meeting on September 25 with its bank lenders to discuss the draft resolution plan and a further meeting will be held on September 27 by the company with all its institutional creditors in connection with the draft resolution Plan.
The company's resolution plan includes lenders taking over 60 percent in the company using SEBI pricing formula and the banks eye 2-3 board seats in the company after the acquisition of majority stake as they are looking to appoint new CEO, CFO & CRO For DHFL.
The debt of about Rs 2,000 crore may be converted to equity by banks. Promoters' stake will fall to below 10 percent after the implementation of the resolution plan.
DHFL's total liability is over Rs 85,000 crore in which banks have an exposure of about Rs 30,000 crore.
Shares of DHFL traded 5 percent down at Rs 44.70 on BSE around 1150 hours IST.
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