Dewan Housing Finance Corporation, an Indian mortgage lender that has delayed payment on some of its obligations, plans to ask banks to lend 15 billion rupees ($217 million) every month to help revive the company, a person with knowledge of the proposal said.
The financier, which has about 800 billion rupees of obligations, will submit the resolution plan on July 10 to a consortium of seven lenders led by state-run Union Bank of India, the person said, asking not to be identified as the discussions are private. The other proposals include increasing the tenor of some loans and converting part of its debt into equity, according to the person.
