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.
