Dewan Housing Finance Corporation (DHFL) has offered to repay investors in full without any haircut over a period of time but has sought their consent to a bank-led process called the Inter-Creditor Agreement (ICA).
The company met representatives of non-bank institutional lenders and investors, including mutual funds, insurers, Employees’ Provident Fund Organisation (EPFO), provident funds and offshore lenders, and tried to persuade them to accept the plan proposed by the banks. The mutual funds and other investors are wary of the plan and want a full and final payment immediately. The ICA, which has already been signed by lenders, involves a package aimed at reviving the indebted company.
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