The company reported its default of worth Rs 196.65 crore towards principal and interest amount on the non-convertible debentures (NCDs) worth Rs 350 crore issued by it.
After three consecutive sessions of gains, shares of Dewan Housing Finance Corporation (DHFL) cracked 5 percent on BSE to Rs 49.40 on September 13 after it reported a fresh default towards the payment of principal and interest on non-convertible debentures (NCDs).
The company, in a BSE filing on September 12, reported default of Rs 196.65 crore towards Rs 350-crore worth of NCDs issued by it.
The lenders of the debt-ridden company are working on a resolution plan but media reports indicated that the banks might miss the September 25 deadline, as they need more time to approve it.
The resolution plan has been in the works since June 25. Reserve Bank of India guidelines mandate that a resolution plan must be implemented within 180 days.
Banks are required to classify a bad loan as an NPA in the event of default for 90 days or more, say the guidelines.At around 1055 hours, DHFL shares were trading 3.61 percent down at Rs 49.40 on BSE.The Great Diwali Discount!
Unlock 75% more savings this festive season. Get Moneycontrol Pro for a year for Rs 289 only.
Coupon code: DIWALI. Offer valid till 10th November, 2019 .