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Last Updated : Sep 24, 2018 03:02 PM IST | Source:

DHFL says it has not defaulted on any repayments

DHFL also gave a positive view about its cash situation

Moneycontrol News @moneycontrolcom

Moneycontrol News 

Dewan Housing Finance Corporation (DHFL) has said that it has not defaulted on or delayed repayment of any of its financial obligations, including any outstanding debt.

The government has said it will take measures to provide liquidity to non-banking financial companies (NBFCs) and maintain the liquidity situation.

"On September 21, 2018, DHFL fulfilled its commitment of repaying commercial papers worth INR 575 crore and as per schedule and terms, is repaying INR 400 crore on September 24, 2018," the company said in a statement.

Also read: Friday's carnage in NBFCs, midcaps underscores vulnerability of F&O positions

Shares of DHFL recovered after posting massive losses on Friday.

DHFL added that it received affirmation of its rating from ICRA and CARE.

"The credit rating for DHFL’s short and long term borrowings including Fixed Deposits has been reaffirmed as CARE AAA (Outlook:  Stable) and CARE AAA (FD); Stable (Triple AAA, Outlook: Stable) and ICRA A1+," the NBFC said in a statement.

DHFL also gave assurances about its cash situation.

"DHFL's CP(commercial papers) shall be ~6 percent of our total borrowings and the total assets and liability book is over INR 1 Lakh crore. The company remains cash surplus even after considering repayment of all liabilities on account of CP, NCD, interest payment, bank dues, etc. till March 2019," the company said.

Shares of most NBFCs slid on September 24 due to fears of a liquidity crisis.

Infrastructure Leasing & Financial Services (IL&FS)  defaulting on a payment to IDBI sparked rumours of a debt crisis in the NBFC sector.
First Published on Sep 24, 2018 11:53 am
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