Dewan Housing Finance Corporation Limited has come up with an exciting issue of Perpetual NCDs in the Private Placement.
DHFL is amongst the few housing finance companies dedicated to provide housing finance to Lower and Middle Income (LMI) segment of the society. Presently it is the Second Largest Housing Finance Company in the private sector with an integrated network of 140 branches, catering to Semi-Urban and Rural belts of India.
Most of the branches of DHFL are in the areas where neither the private sector banks nor large HFCs are present, thereby effectively eliminating the Rate Led Competition.
This advantageous position of DHFL enables it to exploit the huge growth opportunity arising from low cost housing segment viz-a-viz other industry players.
DHFL enjoys an AUM of over 24000 Crs. With a net NPA being 0% . Unlike other players, DHFL‘s branch staff interacts directly with potential customers thereby assessing their requirements and then design the solution. This unique marketing feature helps them avoid potential defaulters.
Housing loans sanctioned during the nine months ended 31st December 2012 amounted to Rs. 3922.13 Crs. As against Rs. 3189.53 Crs. During the previous corresponding period showing an increase of 23%. Disbursements during the same period amounted to Rs. 2893.32 Crs. As against Rs. 2279.78 Crs. During the previous corresponding period showing an increaseof 31%.
In December 2010, DHFL acquired M/s Deutsche Post Bank Home Finance Ltd, having a home loan portfolio of approx. 4800 Crs. And was enjoying a AA+ credit rating.
DHFL as a company has a credit rating of AAA
Here are the issue features: Issue closes on 30th September 2013
| Issuer | Dewan Housing Finance Corporation Limited. | ||
| Instrument | Rated, Listed, Perpetual NCDs | ||
| Issuance Mode | Dematerialized Form | ||
| Credit Rating | "BWR AA+" by BRICKWORKS and "CARE AA-" by CARE | ||
| Issue Price | 10,00,000 /- | ||
| Minimum Application Size | 30,00,000 /- | ||
| Listing | On the WDM segment of N.S.E. | ||
| Coupon Rate | Monthly | Quarterly | Annually |
12.05%
|
12.18%
|
12.75%
| |
| Annualized Yield |
Monthly
|
Quarterly
|
Annually
|
12.74%
|
12.75%
|
12.75%
| |
| Call Option | To be exercised by the issue At the end of 10th year whether to redeem the NCD or step -up the interest rate | ||
| Step - Up in interest | Monthly | Quarterly | Annually |
| 220 bps | 225 bps | 250 bps | |
| Issue Closing Date | Issue closes on Monday i.e. 30th September 2013 | ||
Mentioned below is the financial snapshot:
STANDALONE ANNUAL PERFORMANCE
| PARTICULARS |
31-Mar-11
|
31-Mar-12
|
31-Mar-13
|
| Share Capital |
104.43
|
116.84
|
128.22
|
| Net Worth |
1548.43
|
2032.72
|
3237.09
|
| Total Income |
1451.24
|
2469.68
|
4140.35
|
| PBDIT |
1274.32
|
2192.14
|
3738.49
|
| Profit Before Tax |
341.48
|
398.41
|
610.68
|
| Profit After Tax |
265.13
|
306.41
|
451.85
|
| PBDIT(%) |
87.81
|
88.76
|
90.29
|
STANDALONE PERFORMANCE FOR THE FIRST QUARTER
| PARTICULARS |
30-Jun-12
|
30-Jun-13
|
| Total Income |
738.82
|
1126.64
|
| PBDIT |
661.33
|
999.31
|
| Profit before Tax |
104.63
|
159.03
|
| Profit after Tax |
77.83
|
120.3
|
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