India's debt-laden shadow bank Dewan Housing Finance Ltd (DHFL) has submitted a restructuring plan to its core committee of creditors (CoC), two sources involved in the matter said, adding that lead lenders were deliberating over the plan
DHFL, the fourth-biggest housing finance company in India, has roughly 1 trillion rupees ($14.5 billion) of debt and is in the process of seeking lender approval on a restructuring designed to help it ride out a liquidy crunch and restart its lending business.
Several Indian non-banking finance companies (NBFCs), including DHFL, have been stung by an acute credit crunch sparked by the collapse of Infrastructure Leasing & Financial Services late last year.
The restructuring plan submitted by DHFL includes the founder's family reducing its stake and restructuring of loans, said one of the sources aware of details of the plan.
The restructuring could include easier repayment terms, such as longer tenure and reduced interest rates, the source added.
Both the sources asked not to be named because details of the plan had not been made public. DHFL did not immediately reply to an email seeking comment.
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