DLF shines as its JV raises Rs 2,400 crore from SBI to refinance debt, fund future expansion plans

19 Oct 2020 Evaluate

DLF is currently trading at Rs. 166.90, up by 4.60 points or 2.83% from its previous closing of Rs. 162.30 on the BSE.

The scrip opened at Rs. 164.70 and has touched a high and low of Rs. 167.90 and Rs. 163.35 respectively. So far 64889 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 266.65 on 01-Feb-2020 and a 52 week low of Rs. 114.50 on 25-Mar-2020.

Last one week high and low of the scrip stood at Rs. 167.90 and Rs. 153.50 respectively. The current market cap of the company is Rs. 40174.31 crore.

The promoters holding in the company stood at 74.95%, while Institutions and Non-Institutions held 20.30% and 4.75% respectively.

DLF Cyber City Developers (DCCDL), the joint venture between DLF and Singapore sovereign fund GIC, has raised Rs 2,400 crore debt from India's largest lender State Bank of India (SBI) to refinance its existing debt and fund future expansion plans. The fund has been raised through the LRD route against a rental portfolio of 2.4 million sq ft area in Cyber City, Gurugram.

The debt has been raised at a very attractive interest rate of 7.35 percent, enabling the company to reduce interest cost. At present, DCCDL has a debt of around Rs 19,500 crore. In the short to medium term, the debt of DCCDL will remain at Rs 20,000 crore level because of its plan to expand portfolio. DLF holds 66.66 percent stake in DCCDL while GIC has the rest.

DLF is one of India's biggest property developers. The company’s primary business is development of residential, commercial and retail properties. The company has a unique business model with earnings arising from development and rentals.

DLF Share Price

898.30 17.55 (1.99%)
28-Mar-2024 16:01 View Price Chart
Peers
Company Name CMP
Dilip Buildcon 456.85
Macrotech Developers 1133.75
NBCC (India) 119.05
Prestige EstatesProj 1177.50
DLF 898.30
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