Earlier on Tuesday, the company said it has defaulted on unsecured commercial paper (CP) of Rs 225 crore. Within 10 months of starting wealth management business WGC Wealth, Wadhawans, the promoters of beleaguered Dewan Housing Finance Corporation (DHFL), have exited the venture by selling stake to employees. The unit was renamed Validus Wealth after the transaction.
Facing pressure of meeting repayment obligations for housing finance unit DHFL, Wadhwans have been divesting group businesses. They have sold Aadhar Housing Finance to PE firm Blackstone. They have also sold education finance subsidiary, Avanse Financial Services, to an affiliate of the Warburg Pincus Group. They are also in process of selling stake in life insurance firm and mutual funds. READ MORE HERE
Lenders to DHFL will meet early next month to hammer out a rescue package, which will include the reworking of loan payments, fresh working capital support, roping in a financial investor, and the promoters ceding control.