Blackstone to acquire 70% in Aadhar housing from Wadhawan Global – parent company of DHFL

Oh, here’s some bit of good news for DHFL…finally!

Private equity giant Blackstone looks set to acquire Wadhawan Global’s 70% stake in Aadhar Housing.

DHFL which owns 9.15% in the company will also offload its stake. ET is pegging the deal at Rs 2700 cr.

Also, check this Tweet out by Andy Mukherjee: 

https://twitter.com/andymukherjee70/status/1091657854199554048?s=09

Will be interesting to see the reaction of the bonds on Monday. In case you don’t know, here’s how they have so far:

https://nakedbeta.com/bonds/pain-in-dhfl-bonds-continues/

Pain in DHFL bonds continues

I can’t seem to get over this. Although the 40% YTM number on that 0 coupon bond is shocking, I can understand that, that bond is thinly traded. But even the other NCDs with relatively more volumes are yielding between 20% to 26% – I mean wassup with that?

Here’s a monthly chart depicting the carnage in some DHFL NCDs. What a dive off the cliff that is.

Yields as of yesterday’s close.