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DHFL Gets National Housing Bank’s Nod to Sell Stake in Aadhaar Housing Finance

The DHFL stock was trading at Rs 115.90, down 0.6%, at 2:05pm on BSE.

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Updated:May 8, 2019, 2:38 PM IST
DHFL Gets National Housing Bank’s Nod to Sell Stake in Aadhaar Housing Finance
File photo of DHFL logo (Image : Reuters).

Dewan Housing Finance Corp. Ltd (DHFL) shares were trading flat on Wednesday, after falling over 12% on Tuesday on reports that the National Housing Bank has approved the company’s proposed divestment in Aadhaar Housing Finance.

The DHFL stock was trading at Rs 115.90, down 0.6%, at 2:05pm on BSE.

In February, the special committee of DHFL’s board of directors had accorded approval to disinvest the company’s entire 9.15% stake in Aadhaar Housing Finance to BCP Topco VII Pte Ltd, which is controlled by private equity funds managed by Blackstone.

“In continuation to the above, we wish to inform you that the National Housing Bank has granted its prior approval for proposed acquisition of control of Aadhaar, subject to conditions,” DHFL said in a stock exchange filing.

“Accordingly, the divestment of the company's stake in Aadhaar is expected to be completed shortly,” the filing added.

The DHFL stock has fallen nearly 28% in the last one month. On 30 April, DHFL had informed exchanges that Icra has downgraded the rating on its commercial paper programme, aggregating to Rs 850 crore, from ‘A2+’ to ‘A3+’, on account of deterioration in the company’s liquidity profile and lack of fresh on-book funding during the last three months.

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