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Last Updated : Jun 13, 2019 01:29 PM IST | Source: Moneycontrol.com

DHFL promoters may sell half their stake to a strategic investor; Kapil Wadhawan could step down

Three private equity firms – Lone Star, KKR and AION Capital – are potential buyers and the trio will reportedly take a decision after completing their due diligence

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The promoters of Dewan Housing Finance Corporation (DHFL) might sell half of their stake to a 'strategic investor', according to a Business Standard report.

Kapil Wadhawan, who leads the promoter group, is willing to step down as Managing Director, if required, to run the company jointly, the article added. The Wadhawan family currently holds 39.21 percent stake in DHFL.

“We have to keep all options open to sell part of the wholesale loan portfolio or sell a stake in the main company or do both. The plan is to close the deal in the next one month,” a source told the paper.

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Three private equity (PE) firms – Lone Star, KKR and AION Capital – are potential buyers and the trio will reportedly take a decision after completing their due diligence.

Moneycontrol could not independently verify the story.

DHFL is expecting $1 billion (about Rs 6,900 crore) from the sale of half of its stake, according to a PTI report.

In related news, PE firm Oaktree is conducting due diligence for purchasing a part of DHFL’s wholesale loan portfolio, the report said. Meanwhile, Barings had expressed interest in the beleaguered NBFC’s retail loan portfolio, but such a deal would have been complex as it would demerge the business.

DHFL recently delayed interest payments on non-convertible debentures (NCDs) worth Rs 961 crore. The housing financier said on June 11 it made the interest payment within the seven-day grace period. Credit rating agencies ICRA and CRISIL had downgraded Rs 850 crore-worth of DHFL's commercial papers to default and had questioned the company’s ability meet its payment obligations.

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First Published on Jun 13, 2019 12:11 pm

tags #DHFL

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