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DHFL buys back CPs to ease liquidity pressure

NEW DELHI: Dewan Housing Finance Corporation (DHFL) on Monday said it has bought back commercial pap..

By admin , in Markets , at November 5, 2018

NEW DELHI: Dewan Housing Finance Corporation (DHFL) on Monday said it has bought back commercial papers worth of Rs 1,775 crore.

The non-banking financial company said it has repaid commercial papers worth of Rs 9,465 crore since September 21, which include buyback of CPs to the tune of Rs 3,240 crore.

The NBFC has either repaid or offered to buy back all commercial papers maturing till November 15, the company said in a statement. DHFL has provided for CPs maturing till November 30.

With this, the CP outstanding as on November 30, the NBFC said, will be 1 per cent of the total borrowing amounting to Rs 1,125 crore.

“DHFL has taken strong steps to rebalance its loan growth profile, maintain sufficient liquidity and strengthen its core balance sheet. As one of the significant steps towards this direction, we bought back/repaid several commercial papers totalling Rs 9,465 crore. DHFL continues to enjoy high credit ratings from esteemed rating agencies,” said Kapil Wadhawan, CMD at DHFL.

DHFL has successfully conducted securitisation assignment of over Rs 6,600 crore since September 21.

“DHFL is in the process of raising much more resources to increase the liquidity level so that the company continues to remain well-equipped to meet all the financial obligations. DHFLs borrowings are well diversified with a banking consortium of 31 banks, NCDs, CPs, ECB, masala bonds and retail public deposits,” the NBFC said.

The stock settled the day at Rs 219, down 4.6 per cent.

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