Dewan Housing to secure funds from banks to restart retail lending

Dewan Housing Finance Corp. surged by the most in nearly three decades after the struggling Indian financier said it plans to secure funds from banks to restart retail lending under its draft proposal to repay lenders.

The shares rallied 32% to 55.4 rupees at the close, the steepest climb since March 1992. The mortgage lender has seen its market value collapse more than 90% in the past year after default at the IL&FS Group last September led to a crippling liquidity crisis for the nation’s shadow banks.

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