DHFL Shareholders Approve Rights Issue

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DHFL Shareholders Approve Rights Issue

Chennai Dewan Housing Finance Corporation Limited (DHFL) India's leading housing finance company, announced that its shareholders have approved its proposed rights issue and re-pricing of options granted under ESOP scheme.

DHFL proposes the issue of shares on rights basis to raise funds not exceeding Rs. 105, 00, 00, 000 (Rupees One Hundred Five Crore Only) to existing shareholders.

DHFL also proposed to re-price the options granted under ESOP scheme 2008 (Employees Stock Option Scheme 2008) with a view to provide the employees of the company a share in growth of the company, and to attract, retain and motivate the best available talent in the company.

"The proceeds of the rights issue are proposed to be utilized to augment long term resources and strengthen the equity base of the company for the growth in its home loan business." stated Mr. Kapil Wadhawan, Vice-Chairman and Managing Director, DHFL.

The company's asset base stood at Rs. 5758.82 crore as on 31st December, 2008

About DHFL:
Dewan Housing Finance Corporation Limited (DHFL) was founded in 1984 by Late Shri Rajesh Kumar Wadhawan with a vision to provide financial access to the lower and middle income segment of the society.

DHFL is the second largest housing finance company in the private sector in India with a network of 73 Branch Offices, 5 Zonal Offices, 6 Regional Processing Centres, 80 Service Centres and 35 Camp locations catering to the semi-urban and rural belts of India and a regional processing unit (set-up in Chandigarh). In northern India, DHFL has strengthened its network with a strategic agreement with Punjab and Sind Bank (P&SB) for joint financing of home loans.

DHFL, today, has international presence through its representative offices in London and Dubai. DHFL has also entered into a strategic agreement with the UAE Exchange Centre to market and sell its home loan through its network of 46 branches to NRI's who plan buy property in India.

The company has representative offices in Dubai and London which provides housing loans to Non-Resident Indians (NRI) to purchase homes in India. DHFL has also tied up with UAE Sponsorship Centre to promote and sell housing finance products through its

network across UAE. The company has brought a smile to the faces of over one million people in the lower and middle income segment by enabling them to realise their dream of owning a home.

Categories : Business / Economy