DLF Ltd, the country's largest real estate developer, is expected to secure Rs 2,000 crore of long-term debt in two weeks from public sector banks and other financial institutions. The company has already secured another Rs 1,000 crore of long-term debt over the last few months.
The company will use the funds to pay off some short-term loans. A DLF spokesperson declined to comment but added that the company is set to secure debt obligations that will be payable by March 31. The company has secured Rs 750 crore from Punjab National Bank, and Rs 1,250 crore from Life Insurance Corporation, Bank of India and other PSU banks. The Delhi-based developer now has around Rs 3,600 crore of short-term debt out of its total gross debt of Rs 14,600 crore.
Meanwhile Unitech has said that it has rescheduled repayments on around 75% of its Rs 2,500 crore loans due till this fiscal year. Unitech managing director Sanjay Chandra said some of the loans had already been paid off.