Mortgage lender Dewan Housing Finance Corporation Ltd. has paid over ₹350 crore to different investors, including ₹100 crore to investors of commercial paper (CP). The CP was due for repayment on Friday.
DHFL sources said some interest payments have also been made to investors of non-convertible debentures (NCDs), which were due earlier this week, but were delayed.
The company still had seven working days to make the payment to avoid default. DHFL, which is facing cash crunch after bank loans became expensive, is selling loans to other lenders to generate resources.
Meanwhile, UTI Mutual Fund on Friday said it had written off its entire exposure to the securities of DHFL.
“UTI MF anticipates that there would be enhanced pressure and legal action on DHFL from all creditors, including exercise of early redemption clause and legal options by various lenders. This is expected to further delay the recovery efforts of the company in disposal of its assets in an orderly manner,” UTI MF said in a release.
The fund house said it has “increased the markdown to DHFL debt securities from 75% to 100% in the schemes which has an exposure to DHFL.”
(With PTI inputs)
