Dewan Housing Finance Corporation (DHFC) is one of the leading housing finance companies in India with a large network across the country that caters to millions of customers in the low-to-moderate income (LMI) category. DHFL provides customers with a vast array of home loan products including loans on homes, residential plots, construction, LAP or loan against property as also mortgage, non-residential and project loans. As on 31 March 2019, the company had a presence in 330 locations, with significant penetration in Tier 2/3 towns. This includes two international representative offices in London and Dubai. DHFLs Project Finance vertical offers a comprehensive financial solution to developers for construction and development of residential projects. As on March 31, 2019, the Company has 4 wholly owned subsidiaries, 3 joint ventures and 3 associate companies.Incorporated in Maharashtra in April 11th, 1984 as Dewan Housing Finance & Leasing Co, the company was renamed as Dewan Housing Development Finance in 1984, then after to Dewan Housing Finance Corporation (DHFC) with its registered office in Mumbai. The company commenced its activities in Aug.84 and has several branches all over India. It was promoted by the late Shri Rajesh Kumar Wadhawan and his family.The company is recognized as a private housing finance company by the Government of India and the RBI has also considered it eligible for refinance and financial support from the National Housing Bank. The company has been permitted by the RBI to accept NRI deposits. The company provides housing finance to individuals, co-operative societies, corporate bodies or their nominated employees, groups of persons, etc, and leases commercial and residential premises to reputed companies.For the first time in the history of housing finance, the company has introduced a housing loan, offering dual protection by way of accident risk cover and property insurance, free of cost to borrowers. It also offers financial support to develop infrastructure facilities and for slum development.During the year 2000-2001, the company issued 84,19,875 equity shares of Rs 10/- each at a premium of Rs 10/- per share aggregating to Rs 1684 lacs on rights basis. On 31 March 2014, DHFL announced its entering into the countrys first ever Mortgage Guarantee contract with IMGC, Indian Mortgage Guarantee Corporation. This offers DHFL a first loss guarantee on its pool of priority sector housing loans. In a first-of-its-kind transaction, DHFL has securitized this pool of priority sector housing loans with a Mortgage Guarantee to ICICI Bank Ltd. The pool has been rated AAA (SO) by CARE Ltd. This guarantee has enabled DHFL to reduce the level of credit enhancement that would have otherwise been required for securitization, thereby releasing capital which can be redeployed to earn higher returns. On 20 May 2014, DHFL announced the launch of its new branch and two service centres at key locations in Trivandrum, Kollam, Thodapuzha and Pattananmthita in Kerala. On 23 May 2014, DHFL inaugurated its flagship branch in Palghar in Thane district of Maharashtra.On 26 June 2014, DHFL announced that its ratings have been upgraded by Credit Analysis & Research Ltd. (CARE) to CARE AAA (Triple A) for long term facilities. This is CAREs highest rating, recognising DHFLs business excellence over three decades of operations. On 28 October 2014, Dewan Housing Finance Corporation Limited (DHFL) and Prudential Financial, Inc. (PFI) announced that they have agreed to form an asset management joint venture, with DHFL acquiring a 50 percent stake in Pramerica Asset Managers Pvt. Ltd., PFIs asset management business in India. This follows DHFL and PFI joining forces last year to create a life insurance joint venture, DHFL Pramerica Life Insurance Company, which serves the life insurance needs of customers across cities and towns in India. Under the terms of the new asset management joint venture agreement, each company will own 50 percent of the business. The joint venture company will be renamed DHFL Pramerica Asset Managers Pvt. Ltd., following regulatory approvals and closure of the transaction. PFI (NYSE: PRU), is a US-headquartered global financial services company which does business under the trade name Pramerica in select countries outside the United States.On 21 November 2014, DHFL announced actor Shah Rukh Khan as the companys Brand Ambassador. This is the companys first such brand association in its 30 year journey of providing financial access for home buying amongst Indian customers.On 25 June 2015, DHFL announced the launch of DHFL Wealth2Health, a product with unique combinations of Fixed Deposit and Loan-Against-Deposit along with a Wealth2Health card that will enable customers with multiple healthcare benefits. DHFL has entered into an agreement with Vidal Healthcare Services Pvt Ltd, an integrated healthcare and wellness services company in India, to launch this unique product to benefit the customers.On 7 October 2015, DHFL announced a reduction in its Retail Prime lending rate by 20 basis points. DHFL has also reduced rates for its new customers and the rate will now start from 9.65%.On 6 November 2015, DHFL announced that it is expecting a steady growth in its loan book size in the Punjab and Chandigarh region in the next five years. The company is also expecting 30% surge in home loan disbursement year-on-year in the region which is boosting demand in affordable housing segment.In August 2016, DHFL created history in the Indian Capital markets by raising a record Rs 14000 crore within one month from public issue of Non-Convertible Debentures (NCDs). The total demand generated from the two issues was Rs 32000 crores as per the data available on the exchanges. On 6 October 2016, DHFL announced reduction in its interest rates by 20 basis points to 9.35% for its new customers with effect from 11 October 2016.On 4 January 2017, DHFL announced that it has reduced its home loan lending rates by 50 basis points from 9.10% to 8.60%, effective 4 January 2017. DHFL said at the time of announcement of its Q3 December 2017 results on 22 January 2018 that its Assets Under Management crossed the Rs 1 lakh crore milestones during the quarter ended 31 December 2017.On 17 May 2018, Dewan Housing Finance Corporation Limited (DHFL) announced that it proposes to open on 22 May 2018, a public issue of up to 12 crore secured redeemable Non-Convertible Debentures (NCD) of face value of Rs 1,000 each, for an amount of Rs 3000 crore with an option to retain oversubscription of up to Rs 9000 crore aggregating up to Rs 12000 crore (Tranche I NCD Issue). At least 75% of the net proceeds of the Public Issue of NCDs will be used for the purpose of onward lending, financing, and for repayment/prepayment of interest and principal of existing borrowings of the company. A maximum of up to 25% will be used for general corporate purposes.On 23 May 2018, DHFL announced that the company has decided to exercise the option of early closure and close the Tranche I NCD Issue on 24 May 2018.On 25 May 2018, DHFL celebrated the companys first Masala bond on London Stock Exchange Groups (LSEG) International Securities Market (ISM) with a market opening ceremony. DHFLs maiden Masala bonds issue witnessed an overwhelming response from high quality investors across Europe and Asia. The Masala bonds were issued at the rate of 8.50% p.a payable half yearly.During the financial year 2019, the Company sold/ assigned multiple pools of Rs. 18,411.86 crore.During the financial year 2019, the Company refinanced External Commercial Borrowings (ECBs) amounting to Rs. 1,595.98 crore in the form of a syndicated loan facility. The ECBs were raised under the RBI Refinance Guidelines for Low Cost Affordable Housing Scheme of the Reserve Bank of India (RBI) under the approval route.During the financial year 2019, the Company earned Rs. 36.10 crore by way of income from mutual funds & other treasury operations and Rs. 35.75 crore by way of interest on bonds (including SLR bonds) and deposits placed with banks.As at March 31, 2019, DAIPL held 32.88% stake in the equity share capital of the joint venture entity i.e. DHFL Pramerica Asset Managers Private Limited (DPAMPL). During the current financial year, the Company pursuant to receipt of approval from relevant regulatory authorities sold the entire stake held by it (i.e. 17.12% directly and 32.88% through its subsidiary, DHFL Advisory & Investments Private Limited (DAIPL) in its joint venture entities, namely DHFL Pramerica Asset Managers Private Limited (DPAMPL) and DHFL Pramerica Trustees Private Limited (DPTPL) to PGLH (a wholly-owned indirect subsidiary of Prudential Financial Inc.) of Delaware and the transaction was consummated on July 31, 2019. Consequent upon said disinvestments on July 31, 2019, both DHFL Pramerica Asset Managers Private Limited and DHFL Pramerica Trustees Private Limited ceased to be Joint Venture companies of the Company.During the financial year 2019, the Company incorporated DHFL Holdings Limited as its wholly-owned subsidiary and made an investment of Rs. 1 lakh in DHL by way of subscription to 10,000 equity shares of Rs. 10/- each.During the current financial year 2018-19, the Company pursuant to receipt of regulatory approvals and execution of relevant documents, completed the sale/transfer of its entire stake i.e. 23,01,090 equity shares (equivalent to 9.15% of AHFL) held in Aadhar Housing Finance Limited (AHFL) to BCP Topco VII Pte. Ltd., which is controlled by private equity funds managed by Blackstone Group l.P. , and consummated the transaction on June 10, 2019. Consequent upon sale/transfer on June 10, 2019, Aadhar Housing Finance Limited ceased to be an associate company of the Company.During the current financial year 2018-19, the Company pursuant to receipt of regulatory approvals and execution of relevant documents, completed the sale/transfer of its entire stake held in AvaNSE Financial Services Limited (AvaNSE) i.e. 1,92,50,719 (30.63%) equity shares to Olive Vine Investment Limited, an affiliate of the Warburg Pincus group and consummated the transaction on July 30, 2019. Consequent upon sale/transfer on July 30, 2019, AvaNSE Financial Services Limited ceased to be an associate company of the Company. As on March 31, 2019, the Company held 30.63% of the paid-up equity share capital of AvaNSE.During the year under review, the company made investment of Rs. 1 lakh by subscribing to 10,000 equity shares of Rs. 10 each issued by DHFl Holdings Limited.
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