DHFL is the top gainer on the BSE since opening bell. The company, announced late night yesterday, post the Board meeting, that it has received investor proposals for buying stake in the company. It expects to obtain lenders’ approval on the final resolution plan by end of July.

The company said that it has received non-binding indicative term sheets as a part of the corporate restructuring plan. The company said that Board has been discussing stake sale plans by the promoters to a strategic partner with further equity infusion. Thus in that context, any such proposal from investors once approved with be part of the resolution plan.

In the ‘Notes’ following the earnings, it said, “The company is taking active steps to monetize its assets and is in discussions with multiple Indian banks and international financial institutions to sell off its retail as well as wholesale portfolio. It is in discussions with the consortium of bankers / lenders to restructure its borrowings and will take all the necessary steps to ensure that it meets its financial commitments. There have been discussions for stake sale by the promoters to a strategic partner with further equity infusion. The company on July 1, 2019 had a meeting with the consortium of bankers wherein the bankers agreed to enter into an Inter-creditor Agreement (ICA) for a potential restructuring of company's liabilities.”

It added, “The Company is in the process of submitting a resolution plan to the lenders and the lenders are expected to give an in-principle approval to the plan by end of July 2019. The ability of the Company to continue as a going concern is predicated upon its ability to monetize its assets, ?ecure funding from the bankers / investors, restructure its liabilities and recommence its operations.”

The market, for now is happy that there is at least someone on the horizon willing to buy stake and that could bring in the much needed reprieve.

The stock opened weak, going down 4% to Rs.50.55 but once the fine print was read, the price bounced back, rising a whopping 17.5% to Rs.61.80.