Promoters of debt-ridden mortgage lender DHFL are in talks with private equity firms and are expecting to garner USD 1 billion (about6,900 crore) by selling nearly 50 per cent of their holdings, sources said.
The Wadhawan family, the promoters of the company, currently holds close to 40 per cent stake in the company.
Private equity firms Lone Star, AION Capital and KKR are doing due diligence of the, and depending on outcome of their due diligence they will make final offer to the promoters for the strategic stake, sources said.
The sale proceed will enable the company to substantially reduce its debt-to-equity ratio and restart the business to its full potential, they added.
When contacted the company declined to comment.
According to sources, promoters have also expressed their intent to quit the management.
Once strategic partner comes in, the company is then expected to widen the board composition and to run it as board-driven-entity with joint critical decisions by thefamily and the strategic partner, sources said.
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