After infusing Rs 3,860 crore into DLF Assets Ltd (DAL) by selling a 9.9 per cent stake in realty major DLF to institutional investors, promoters K P Singh and family plan to list the real estate investment trust in the next 18 to 24 months.
The group also plans to nearly halve DLF's debt from Rs 13,958 crore to Rs 7,000 crore by the end of the current financial year by selling around Rs 5,500 crore worth of assets and raising Rs 2,000 crore from the DAL listing. The current divestment will also help reduce DLF's debt by around Rs 1,500 crore since this amount will be given to DAL to repay part of the Rs 4,900 crore it owes the realtor.
DLF's promoters will also use around Rs 2,100 crore of the money from stake sale to buy out DE Shaw's $400 million investment in DAL that was made in 2007 through optionally convertible preference shares. DAL is a real estate investment trust wholly owned by the promoters floated to acquire DLF's commercial properties.
DLF’s stake sale, which began late Tuesday night, attracted 35 to 40 buyers, the largest being Capital International, which invested $200 million. HSBC, Fidelity, Euro Pacific Growth Fund and Copthall Mauritius Investment Ltd were the other major buyers through bulk deals on the stock exchange.
crackcrackCompany Name | CMP |
---|---|
Dilip Buildcon | 470.60 |
Macrotech Developers | 1122.75 |
NBCC (India) | 132.65 |
Prestige EstatesProj | 1507.75 |
DLF | 825.75 |
View more.. |