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DHFL to induct a strategic partner

The promoters of Dewan Housing Finance are proposing to induct a strategic investor within the next 90 days. The company’s chairman and managing director Kapil Wadhawan said the promoters are looking for a strategic partner in company and not to sell-down of the company. Such an investor, he said, will come at a ‘right value’. Most non-banking financial companies and housing finance companies, including Dewan Housing Finance, have been hit by the liquidity crisis following defaults on debt repayments by Infrastructure Leasing & Financial Services and its group companies in late August. Dewan Housing Finance was also hit by a distress sale of its commercial papers by DSP Mutual Fund, at a discount that sparked sharp concerns over the mortgage lender’s financials and liquidity position. There were also allegations of a scam involving Rs 310 billion in the company. Wadhawan said exposure to accounts mentioned in the allegations was not Rs 310 billion, it was about Rs 230 billion and that too can be pruned to Rs 203billion after a recent loan sale.

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