The holding company had raised Rs 1,600-1,700 crore to acquire 50 per cent stake in DHFL Pramerica Life Insurance more than two years ago. While Rs 100 crore went to investors in commercial papers due for redemption on Friday, the rest was used to pay interest on bonds and some fixedmaturity schemes. Earlier last week, the housing finance company failed to pay nearly Rs 1,000 crore interest on bonds sold about a year ago. On Monday, it paid a token Rs 45 crore as bond interest.On June 19, the company is supposed to pay off another small debt to pension funds. In the past two weeks, rating companies including Icra , Crisil and CARE have downgraded DHFL debt securities to D or default, citing delays in interest payments.

Source: Economic Times June 11, 2019 01:18 UTC