Dewan Housing Finance Corporation Ltd
on Monday said it has defaulted on its financial repayment obligations worth Rs 1,571 crore with regard to issuance of bonds and commercial papers.
The defaults pertain to three cases with regard to interest payment on non-convertible debentures and commercial papers (CPs), Dewan Housing Finance Corporation Ltd (DHFL) said in a regulatory filing.
In a break-up, the non-banking financial company (NBFC) said it has defaulted on Rs 46.92 crore towards interest amount on secured NCDs (9.92 per cent and 9.40 per cent/10 year tenor); on NCDs issued through a public issue for multiple tenors of amount involving interest of Rs 363.77 crore and principal amount of Rs 1,059.91 crore.
Besides, defaults of Rs 100 crore occurred on CPs.
The beleaguered NBFC has not been able to fulfil its obligations towards debt repayment in the recent past and there have been several cases of defaults on commercial papers and bonds.
The company is estimated to be sitting on a debt-pile of over Rs 90,000 crore.
The NBFC sector has been reeling under stress since the unfolding of the IL&FS liquidity crisis in September 2018 due to alleged fraud and mis-management issues.
Stock of DHFL
closed 6.86 per cent up at Rs 49.05 on BSE.