New Delhi, Dec 30 : Kapil Wadhawan has yet again come up with a revised proposal for acquiring Dewan Housing Finance Corporation Ltd (DHFL).
In a letter to RBI Governor Shaktikanta Das, DHFL administrator R. Subramaniakumar and the Committee of Creditors (CoC), the erstwhile promoter of the bankrupt NBFC said that he would make an upfront payment of Rs 9,000 crore in cash and Rs 31,000 crore will be paid within a period of seven years in equal annual instalments with 8.5 per cent per annum interest.
As per the revised proposal, Rs 12,000 crore will be repaid within a period of seven years in equal annual instalments, following a one-year moratorium with 11 per cent interest after two years of interest moratorium.
A sum of Rs 18,000 crore will be repaid within a period of five years in equal annual instalments, following a five-year moratorium with 11 per cent per annum interest.
Further Rs 5,000 crore will be converted to equity, as per the proposal.
Wadhawan also said that Rs 16,158 crore will be converted into zero coupon bonds and can be appropriately hived off to an Asset Reconstruction Company (ARC) and can be recovered through the ARC in order to preserve the debt-equity ratio of DHFL.
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