DHFL shares bounce back, jump over 14% after company expects early resolution plan by lenders

Shares of DHFL bounced back and zoomed over 14 percent on Tuesday after the company said it expects in-principle approval from lenders for its resolution plan by month-end

Press Trust of India July 23, 2019 17:49:28 IST
DHFL shares bounce back, jump over 14% after company expects early resolution plan by lenders
  • The company said it is in the process of submitting a resolution plan to the lenders who are expected to give in-principle approval by month-end

  • It further said that DHFL has received non-binding indicative term sheets as part of the proposed corporate restructuring of the company and any proposal approved will constitute a part of the resolution plan

  • Intra-day, DHFL shares jumped 17.49 percent to Rs 61.80

New Delhi: Shares of DHFL bounced back and zoomed over 14 percent on Tuesday after the company said it expects in-principle approval from lenders for its resolution plan by month-end.

The scrip advanced 14.16 percent to close at Rs 60.05 on the BSE. Intra-day, it jumped 17.49 percent to Rs 61.80.

On the NSE, the shares rose sharply by 13.61 percent to close at Rs 59.65.

DHFL shares bounce back jump over 14 after company expects early resolution plan by lenders

Representational image. Reuters.

In terms of volume, 64.90 lakh shares were traded on the BSE, while over nine crore shares were traded on the NSE.

The scrip had fallen 6.48 percent on the BSE in the last two sessions.

The ability of the company to continue as a going concern is predicated upon its ability to monetise its assets, secure funding from bankers or investors, restructure its liabilities and recommence its operations, DHFL said in a late evening regulatory filing on Monday.

The company said it is in the process of submitting a resolution plan to the lenders who are expected to give in-principle approval by month-end.

It further said that DHFL has received non-binding indicative term sheets as part of the proposed corporate restructuring of the company and any proposal approved will constitute a part of the resolution plan.

Dewan Housing Finance Ltd (DHFL) has suffered consistent downgrades in its credit ratings since February 2019.

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

DHFL makes Rs 962 cr payment towards NCDs, meets seven-day 'cure period' to pay off its obligation
Business

DHFL makes Rs 962 cr payment towards NCDs, meets seven-day 'cure period' to pay off its obligation

Crisis-ridden DHFL said Tuesday it has paid Rs 962 crore towards interest payment on debt instruments which fell due on 4 June, and met the seven-day "cure period" to pay off its obligation

DHFL shares fall over 5% after company reports default on Rs 1,571-cr bond repayments
Business

DHFL shares fall over 5% after company reports default on Rs 1,571-cr bond repayments

Shares of DHFL on Tuesday fell over 5 percent after the company said it has defaulted on financial repayment obligations of Rs 1,571 crore with regard to the issuance of bonds and commercial papers

Shares of DHFL tank nearly 16% as Icra, Crisil downgrade rating of company's Rs 850 cr worth of commercial paper
Business

Shares of DHFL tank nearly 16% as Icra, Crisil downgrade rating of company's Rs 850 cr worth of commercial paper

Shares of Dewan Housing Finance Corporation plummeted nearly 16 percent on Thursday as domestic rating agencies Icra and Crisil downgraded rating on Rs 850 crore worth of commercial paper of DHFL