plots, which are non-core to its business. The company has pulled back these assets from the market over the past 2-3 weeks, considering that banks lending to the real estate sector has started to ease.
A few prime properties in Gurgaon’s Cybercity and Udyog Vihar areas, which have been on the block for sometime now, have been pulled back. There has been a change of heart for DLF. The decision to pull back these core assets from the market was taken considering the fact that banks have become more liberal in lending to real estate companies.
DLF promoters had sold a 9.9% stake in the past month to raise Rs 3,980 crore, which has put the company in a comfortable position. Capital Group picked up close to 5% in DLF, while HSBC, GIC and Fidelity bought smaller stakes. Following the open market transaction, the promoter group now holds a 78.6% stake in DLF.
However the company will continue to sell its non-core assets, including hotel plots and its wind power business, which would help them reduce their debt by half. DLF’s debt stands at around Rs 14,000 crore. The company expects to sell all of the hotel plots by the end of the year.
crackcrack| Company Name | CMP |
|---|---|
| Lodha Developers | 827.75 |
| Dilip Buildcon | 434.80 |
| DLF | 569.60 |
| Oberoi Realty | 1671.50 |
| Ahluwalia Contract(I | 782.75 |
| View more.. | |
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