Shares of Dewan Housing Finance Corporation (DHFL) gained over 7% in the early trade on Tuesday, a day ahead of the meeting with its lenders to discuss the draft resolution plan.
The DHFL stock price opened at Rs 42.05, up 0.35% today on BSE, against the last closing price of Rs 41.90. Later, the DHFL stock gained 7.4% to touch an intraday high of Rs 45 on BSE.
DHFL stock has gained after 5 days of consecutive fall and trades in contrast to the trend in 'Housing Finance' sector that has fallen by 2.08% intraday on BSE. Overall, 35 lakh shares and 220 lakhs shares are currently changing hands on BSE and NSE, both above 5, 10, the 20-day average volume traded.
Dewan Housing Finance Corporation Ltd informed the bourses that it is undertaking extensive discussions with its lenders, in respect of its ongoing proposal on debt restructuring and formulation of a resolution plan, under the 'RBI's Prudential Framework for Resolution of Stressed Assets'.
The housing lender's regulatory filing stated, "Company will be holding a meeting on Wednesday, 25th September 2019 with its bank lenders to discuss the draft resolution plan. A further meeting will also be held on Friday, 27th September 2019 by the Company with all its institutional creditors in connection with the draft Resolution Plan."
As of 1400 IST, the stock price of Dewan Housing Finance Corporation (DHFL) was quoting Rs 44.10 on BSE, registering a rise of 5.25%.
By Rupa Burman Roy