Mortgage lender Dewan Housing Finance Corporation Ltd. (DHFL), which is facing liquidity crisis, will complete the stake sale process in two of its subsidiaries — DHFL Pramerica Asset Managers and DHFL Pramerica Trustees.
DHFL had entered into an agreement with PGLH of Delaware Inc (Prudential) for divestment of its entire shareholding of 50% in DPAMPL.
DHFL holds 17.12% being held directly and 32.88% being held by its wholly owned subsidiary, DHFL Advisory & Investments Pvt. Ltd.
The agreement also applies for selling DHFL’s entire shareholding of 50% in DHFL Pramerica Trustees Pvt. Ltd. (DPTPL).
“The divestment of the company’s entire shareholding in DPAMPL and DPTPL to Prudential is expected to be completed shortly,” the lender said in a filing to the exchanges.
SEBI communication
The Securities and Exchange Board of India, vide its letters on June 25, 2019, addressed to DHFL Pramerica Asset Managers Pvt. Ltd. (DPAMPL), granted prior approval for a proposed change in controlling interest of DPAMPL and for amendment in trust deed, subject to certain conditions, the filing said.