DHFL’s maiden Masala Bonds Market Open Ceremony at London Stock Exchange

by Shrutee K/DNS

Mumbai: DHFL, the flagship Company of Wadhawan Global Capital (WGC), opens London’s trading to celebrate the company’s first Masala bond on London Stock Exchange Group’s (LSEG) International Securities Market (ISM). This offering is part of a $2bn MTN Programme DHFL listed on London Stock Exchange earlier in the year. DHFL’s maiden masala bonds issue witnessed an overwhelming response from high quality investors across Europe and Asia. The tremendous opportunity provided by the Affordable Housing Finance sector in India and DHFL’s AAA domestic credit rating were the primary reasons for the strong demand in the overseas market. The masala bonds was issued at the rate of 8.50% p.a payable half yearly. 

DHFL is one of India’s leading housing finance companies with AUM over £ 12bn, committed to the mission of expanding financial inclusion and home ownership across India’s semi urban towns and cities. For over 3 decades, DHFL has been serving millions of Indians in the low and middle income segment transforming their home ownership dreams into reality. The company continues to steadily emerge as a significant transformative force in India’s rapidly expanding affordable housing landscape. DHFL will deploy the proceeds of the masala bond to implement its ambitious growth strategy through portfolio diversification and strengthen profitability through reduction in its cost of borrowing.

Mr. Kapil Wadhawan Chairman WGC & CMD, DHFL on the occasion of the Market Opening at the London Stock Exchange said:  “This is truly a significant milestone for DHFL making a debut listing in the international markets. India's mortgage-to-GDP ratio has been improving compared with other developing countries, reflecting major penetration and a sustainable and inclusive growth. The Government has taken several strong initiatives to stimulate the affordable housing industry and focus on people at the bottom of the pyramid. This has been DHFL’s vision for the last 34 years, which has today assumed national priority through the Government’s Housing for All mission. DHFL’s Masala bonds issuance will provide further impetus to our ambitious growth strategy, and allow international investors to participate in India’s high potential affordable housing story.”

There were other dignitaries from the Government and the Banking & Finance industry present at the DHFL Masala Bonds Market Opening ceremony.

Nikhil Rathi, CEO, London Stock Exchange Plc: London Stock Exchange is honoured to celebrate this landmark transaction with the Chairman of DHFL, and the Rt Hon Mark Field MP. We congratulate DHFL on its successful inaugural Masala bond listed solely on London Stock Exchange’s International Securities Market. Through this market, the company is accessing a new deep international pool of capital to finance affordable housing in India. The successful admission is also a reflection of international investors’ interest in the Indian growth story and it highlights London Stock Exchange’s position as a strong partner to India and a leading global venue for raising equity and debt finance.” 

DHFL

DHFL was founded in 1984 by Late Shri Rajesh Kumar Wadhawan, with a vision to provide financial accessibility to lower and middle income customer segments among semi-urban and rural populace in India. Led by Mr. Kapil Wadhawan, Chairman and Managing Director, DHFL 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 LMI category. DHFL has been rated CARE AAA (Triple A) and assigned BWR AAA from Brickworks Rating.

Over the last 33 years, DHFL has provided 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. The company’s wide network, deep understanding of customer needs gathered over time, enables DHFL to offer customised financial access to LMI customers in India’s smallest towns. With strong business fundamentals and proven industry expertise, DHFL is a highly respected and trusted financial services company with a concerted focus towards enabling home ownership to the LMI customer segment in India. DHFL’s CSR efforts are an integral part of the Company’s ethos, fulfilling critical societal needs through Economic Empowerment through Financial Literacy, Skill Development, Rural Development with focus on Drought Mitigation and Early Childhood Care and Education (ECCE), implemented with measurable outcomes. DHFL also has representative offices in Dubai, London and the UAE. For further information, please visit www.dhfl.com

Wadhawan Global Capital Ltd (WGC)

Wadhawan Global Capital Limited (WGC) is a leading financial services group. WGC manages over US$ 22 billion of assets through its lending, investment and protection platforms. WGC has partnered with leading financial institutions such as International Finance Corporation (IFC), Washington, Prudential Financial Inc., United States. WGC is the promoter entity of Dewan Housing Finance Corporation Limited (DHFL) and parent company to some of the most prominent brands in India. Its flagship company, DHFL is a market leader with over three decades of experience in financing affordable housing. Other Notable brands owned by WGC are Aadhar Housing Finance, Avanse Financial Services, DHFL General Insurance, Wadhawan Wealth Managers, Arthveda Fund managers, DHFL Pramerica life Insurance and DHFL Pramerica Asset Managers. The company also has a London-based wholly-owned subsidiary Wadhawan Global Capital (UK) Ltd.

For more information, please visit www.wgcworld.com