Dewan Housing Finance Corporation Ltd. (DHFL)
FV – Rs 10; 52wks H/L – 690/97; TTQ – 16.44 Lacs; CMP – Rs 111.60 (As On June 5th, 2019);
Market Cap – Rs 3502.26 Crs
Consolidated Financials and Valuations (Amt in Rs Crs unless specified)
|Long Term Debt||
Mr. Kapil Wadhawan: Chairman and MD
Mr. Harshil Mehta: Joint MD and CEO
- Dewan Housing Finance Corporation Ltd.(DHFL) is a deposit-taking housing finance company, headquartered in Mumbai with branches in major cities across India.
- For over three decades, DHFL has been providing easy access to affordable Housing Finance to realise home-ownership aspirations of millions of Lower and Middle income families in semi-urban and rural India.
Consolidated Financial Trends
|FY19 (Q3)||FY 18||FY17||FY16||FY15||FY14||FY13||FY12|
|Equity Paid Up||314||314||313||292||146||128||128||117|
|Book Value (Rs)||341.2||272.5||247.0||184.6||317.5||279.3||252.9||173.8|
News and Notifications
On 6th June, 2019 Dewan Housing Finance Corporation Ltd. shares fell 15 percent intraday to hit five-and-half-year low on June 6 as rating agencies downgraded the rating on the commercial papers after the company defaulted on debt repayment.
The stock dropped into double-digit levels for the first time since February 4, 2019 and hit an intraday low of Rs 94.90, the lowest level since December 2013.
It has lost 86 percent of its value from the record high of Rs 690 touched on September 3, 2018. It was quoting at Rs 98.65, down Rs 12.95, or 11.60 percent on the BSE, at 9:30 Am.
Domestic rating agencies ICRA and Crisil, on June 6, downgraded the rating on Rs 850 crore worth of commercial paper of DHFL to ‘default’ from ‘A4’ due to the mortgage lender’s deteriorating liquidity condition.
Dewan Housing Finance (DHFL) had missed Tuesday’s interest payment deadline on a set of outstanding bonds, but the embattled company was in talks with financiers to help meet its Rs 1,000-crore-plus obligation within the seven-day grace period and prevent a default.
Multiple market sources stated that UTI Mutual Fund and some private sector lenders, including Axis Bank and IndusInd Bank, were among the investors that bought DHFL debt sold last year. Some individual investors are also said to have invested in these.
DHFL has been facing a cash crunch since September, when IL&FS defaulted on its payment obligations. The home financier has so far taken a two-pronged approach to raise money.
While it has been in talks with international private equity players to sell the promoter stake strategically, it has also been selling down loan portfolios.
Since the NBFC liquidity crisis began in September, DHFL has sold retail loans worth about Rs 30,000 crore via securitisation. In this period, the home financier has paid about Rs 40,000 crore of financial obligations.
Major Non-Promoter Holdings
|Non – Promoters||No. of Shares held||% shares held|
|Bnp Paribus Arbitrage||7393538||2.36|
|East Bridge Capital Master Fund Ltd||4392737||1.40|
|Government Pension Fund Global||3750041||1.19|