Monday, July 22, 2024

DLF to Raise Rs 600 Crore via NCDs for Debt Refinancing

DLF Ltd, a prominent realty firm, is set to raise Rs 600 crore through the issuance of non-convertible debentures (NCDs) to investors. This fundraising initiative, aimed at refinancing existing debts, was carried out by the company’s wholly-owned subsidiary, DLF Home Developers Ltd, as per a regulatory filing made on Wednesday.

The Securities Allotment Committee of DHDL’s Board of Directors has approved the allotment of 60,000 NCDs, each with a face value of Rs 1 lakh, totaling Rs 600 crore, through private placement to eligible investors.

While DLF did not specify the exact utilization of the raised amount, sources indicate that it will primarily be allocated towards refinancing existing debts.

DLF Group holds significant development potential of 215 million square feet across residential and commercial segments, alongside an annuity portfolio exceeding 42 million square feet.

The company has witnessed a substantial surge in sales bookings, which doubled annually to Rs 13,316 crore during the first nine months of the current fiscal year, primarily driven by heightened demand for its luxury housing properties in Gurugram. Comparatively, sales bookings for the same period in the previous fiscal stood at Rs 6,599 crore.

In the fiscal year 2022-23, DLF’s sales bookings surpassed Rs 15,000 crore.

Looking ahead, DLF aims to launch properties worth nearly Rs 80,000 crore over the next 3-4 years, leveraging the increasing demand for both housing and commercial projects.

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