In a written verbal exchange to traders Reliance Mutual Fund has stated that it has marked down one hundred percentage on debt securities of Dewan Housing Finance Ltd (DHFL) for which the scheduled adulthood was on June four.
“We have taken a hundred percentage haircut in securities in which the scheduled maturity changed into 4th June 2019. For all different securities wherein payments have no longer fallen due, but are rated Default Grade (D), we’ve got marked down our investments through 75 percent consistent with valuation businesses,” Reliance Mutual Fund stated in a note to traders.
For the schemes maturing on June 4, Reliance Mutual Fund said,” The organization (DHFL) has for the reason that repaid its duties closer to maturity related repayments for the ZCB maturing on 04/06/2019 bearing ISIN Number: INE202B07AU7, today i.E. 07/06/2019. For the FMPs which have matured, the identical will be remitted to buyers in the end. “
Further, resources at the fund house confirmed that Reliance Nippon Life AMC (RNAM) has acquired the charge from DHFL securities and RNAM can pay proportionately to all of the unitholders of FMPs maturing on June 6 within the next running days.
On June 4, DHFL turned into to pay hobby and foremost payments to the song of Rs 1, a hundred and sixty crores to all of the bondholders. DHFL was not able to make the payment of main and hobby until the stop of the day (June 6) and asked for a seven-day grace duration.
As a result, CRISIL, ICRA and CARE Ratings downgraded their score on DHFL’s Commercial Paper (CP)/Non-Convertible Debentures (NCD) to “D”, based totally on put off in debt servicing because of inadequate liquidity, modest capital role, and modest earnings.
The score revision took into account the postpone in servicing of responsibilities with appreciate to a number of the NCDs with the aid of DHFL due to extended liquidity pressure.
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