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| Revision in Rating by ‘CARE’ (Rating Agency) for
Non Convertible Debentures |
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In terms of the Share Purchase Agreement (the SPA) dated December 01, 2010 between the BHW Holdings AG, Germany (the Seller) and Dewan Housing Finance Corporation Limited, Wadhawan Housing Private Limited, Caledonia Investment Plc, U.K and Amber 2010 (the Purchasers), the seller alongwith its nominees have sold/transferred 100% of the equity stake held in Deutsche Postbank Home Finance Limited (the Company) alongwith the Management Control to the purchasers in the Board of Directors Meeting held on March 25, 2011.
As a consequence of the above mentioned transaction, CARE vide its letter dated March 28, 2011 addressed to the Company has revised the rating assigned to various NCD issues of the Company aggregating to Rs 750 crores out of which NCD issues of Rs. 500 crores are outstanding & listed on the exchange and subordinate debt aggregating to Rs. 50 crore from “CARE AAA (SO)” to “CARE AA+” and from “CARE AAA (SO)” to “CARE AA” respectively.
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