In a notice to stock exchanges on Tuesday, Dewan Housing Finance Ltd. said, it paid Rs 962 crore in overdue interest payments on its non-convertible debentures.
Earlier when the housing firm delayed payments, it said that it would make payments within the seven-day ‘cure period’. However, it resulted in downgrading the company to ‘Default’ grade by various rating agencies. This was due to the anticipation of further payment delays. The main reason for the delayed payments has come out to be continuing of liquidity crunch.
DHFL, in its statement, added that it remains dedicated to meeting debt servicing duties “through further asset monetization plans as well as onboarding of a strategic partner for its business.”
Last Friday, the company repaid around Rs 276.05 crore towards these NCDs. And on Monday, it paid another Rs 45.02 crore, according to the company’s filing. With the additional payments made on Tuesday, the company said it is now up to date on its payments.