INSUBCONTINENT EXCLUSIVE:
Even as the board of DHFL on Monday authorised the promoters to hold a shareholders' meeting to vote on a plan for restructuring its loans
with banks, the company is actively working on a stake sale deal, which may see the promoters giving up control of the company.
Sources said
the mortgage lender is likely to announce a deal with AION Capital, under which the special situations investor may to infuse about Rs 8,000
crore in DHFL for a majority stake
AION Capital is a joint venture between Apollo PE and ICICI Ventures.
After the deal, AION Capital will hold 51 per cent in the company
while the stake of existing promoter Kapi Wadhawan will drop to 9.6 per cent
Banks and other lenders will hold 26 per cent
The company will issue fresh shares to AION Capital under the deal
An official announcement of the deal is expected before July 31
Meanwhile, the company on Monday filed its long-delayed audited results for the quarter ended March 31, which revealed that its auditors
had raised several red flags around its numbers, raising fresh concerns about the future of the troubled lender.
DHFL said its audited
results were largely in line with the unaudited net loss it reported on July 13
there were significant deficiencies in the grant and rollover of unsecured borrowings at DHFL, and that there had also been other
irregularities in the granting of certain loans, Reuters reported.
The auditors said DHFL had failed to provide them with sufficient
explanation or information about these matters