NBFC Dewan Housing Finance Corporation Ltd has paid over Rs 350 crore to different investors, including Rs 100 crore to investors of commercial paper, according to a report by the Hindu, citing sources.
The report further said that some of the interest payments on non-convertible debentures (NCDs), which was due earlier this week, have also been made. These are the same NCDs, whose interest payment (due on 4 June) caused a downgrade in DHFL's ratings on its commercial papers by CRISIL and ICRA. The mortgage lender's stock suffered losses for 2 consecutive trading days following the rating downgrade.
While the interest and principal payment worth Rs 1,100 crore was due on 4 June, DHFL had a cure period of seven working days to avoid default.
The above mentioned commercial paper was due on Friday.
Meanwhile, as panic on the non-payment hit the markets and mutual fund investors, UTI MF said that it has marked down the net asset values (NAVs) of DHFL debt securities from 75 percent to 100 percent, which means it has completely written off exposure to the NBFC in its schemes.
"In light of this development, UTI MF anticipates enhanced pressure and legal action on DHFL from all creditors, including the exercise of early redemption clause and legal options by various lenders. This is expected to further delay the company's recovery efforts in the disposal of its assets in an orderly manner," it further said in a release.