Debt-laden mortgage lender Dewan Housing Finance Corp. Ltd. is seeking 150 billion rupees in immediate funding from banks to lend to retail customers, the Press Trust of India reported Aug. 11, citing sources.
The company said the move will finance projects that are in limbo due to lack of funds, said a source.
Dewan Housing has submitted a draft resolution plan to banks requesting funds to restart retail funding, though this is yet to be approved. It has defaulted multiple times on bondholder payments since June and owes close to 900 billion rupees to banks and other creditors.
A company spokesperson declined to comment on the matter.
As of Aug. 9, US$1 was equivalent to 70.98 Indian rupees.