New Delhi: Dewan Housing Finance Corporation Ltd (DHFL) Wednesday said it will shortly divest its full stakes in subsidiary firms DHFL Pramerica Asset Managers and DHFL Pramerica Trustees. The non-banking finance company has been facing liquidity crisis and has recently defaulted on its repayment obligations. The company has resorted to various modes of fund mop-up including selling stake in subsidiary firms to meet its debt obligations. The Securities and Exchange Board of India (Sebi) vide its letters on June 25, 2019 addressed to DHFL Pramerica Asset Managers Pvt Ltd (DPAMPL) has granted its prior approval for proposed change in controlling interest of DPAMPL and for amendment in trust deed, subject to certain conditions, DHFL said in a regulatory filing.
DHFL has already entered into binding term sheet with PGLH of Delaware Inc (Prudential) for divestment of its stake entire shareholding of 50% in DPAMPL (17.12% being held directly and 32.88% being held by its wholly owned subsidiary, DHFL Advisory & Investments Pvt Ltd). The term sheet agreement also applies for selling DHFL's entire shareholding of 50% in DHFL Pramerica Trustees Pvt Ltd (DPTPL). Further, the share purchase agreements for the said transactions has also been executed by the company. "The divestment of the company's entire shareholding in DPAMPL and DPTPL to Prudential is expected to be completed shortly," it said in the filing.
