Banks have an exposure of Rs 40,600 crore to DHFL
as on March 31, while the firm has an obligation of Rs 45,380 crore towards those holding its bonds and debentures. DHFL’s total liabilities are to the tune of Rs 90,000 crore.
In the plan by DHFL, creditors may not have to take a haircut on the principal loan exposure to it. Moreover, the mortgage lender has sought fresh loans of Rs 1,200-Rs 1,500 crore a month, which will be backed by loans the firm will extend upon restarting of its business.
It has also sought moratorium on these fresh loans. DHFL is also seeking fresh lines of credit from banks and National Housing Bank for restarting its retail lending business.
The mortgage lender has been facing liquidity crisis since September 2018 after IL&FS defaulted on its debt obligations. However, Rs 41,000 crore has been discharged by the company as towards its financial obligations despite acute funding problem.