Dewan Housing Finance Corp. Ltd (DHFL)’s parent Wadhawan Global Capital (WGC) is selling its loan distribution business to a London-based metal trading firm for around Rs 150 crore ($21 million at current exchange rate), Mint reported on Tuesday.
Citing two people familiar with the developments, the report said WGC will sell Andromeda Sales and Distribution Pvt. Ltd. to Metdist Group as it seeks to meet DHFL’s debt obligations.
Separately, DHFL on Monday said that it had defaulted on financial repayment obligations worth Rs 1,571 crore (around $ 219 million), PTI reported. The defaults are with respect to three cases relating to interest payments on non-convertible debentures (NCDs) and commercial paper.
In a breakup of the obligations, the non-banking financial company said it had defaulted on Rs 46.9 crore towards interest amount on secured NCDs, Rs 363.8 crore on NCDs through a public issue and a principal amount of Rs 1,060 crore. Besides these, it also reported defaults of Rs 100 crore on commercial paper.
DHFL shares were trading 6.63% down at Rs 45.8 apiece at the time of writing this report.
Meanwhile, Mint reported that bike taxi startup Rapido, operated by Roppen Transportation Services Pvt. Ltd, has acqui-hired Vahanalytics, a data analytics startup that lets organisations track their vehicle fleet operations.
News of the development was reported via company filings with the ministry of corporate affairs made available on business intelligence platform Paper.vc,
Citing a person aware of the development, the daily also reported that the acqui-hire was decided using a cash-and-stock component split between Urbtranz Technologies Pvt. Ltd-operated Vahanalytics’ founders and investors.
In April, VCCircle reported that Rapido raised about $11.2 million (Rs 78.2 crore) in its Series A round of funding led by venture capital firm Nexus Venture Partners.
Meanwhile, BG Asia Pacific Holdings Pte. Ltd, a wholly-owned subsidiary of Shell India, is looking to completely exit from its investment in Mumbai-based Mahanagar Gas Ltd, The Economic Times reported.
The firm is looking to sell its 10% stake for around Rs 724 crore (around $ 101.03 million), according to a term sheet reviewed by the daily. The news sent the company’s stock soaring, with shares trading up 7.07% at Rs 843.05 apiece at the time of writing this report.
News of the sale comes exactly a year after BG Asia sold 12.5 million shares of Mahanagar Gas on the open market at Rs 851.89 apiece, yielding it Rs 1,064.8 crore (around $152 million at the time).
Mahanagar Gas was set up as a joint venture between state-run GAIL India Ltd and UK-based BG Group. In February 2016, Shell acquired BG Gas. Mumbai-based Mahanagar Gas went public in June 2016, with all its stakeholders diluting their stakes.