Realty major DLF will issue fresh equity shares in the next fiscal to dilute promoters’ stake to 75 per cent as per market regulator SEBI’s guidelines. The company will utilize these funds to cut debt.
In the medium term, company’s net debt are expected to be below Rs 15,000 crore with operational cash flow surpluses and equity issuance to bring the free float to 25 per cent , in compliance to current regulations, during FY14. The company, also plans to cut short it debt from the existing Rs 21,200 crore from sale of two big-ticket non-core assets, hospitality chain Amanresorts, wind energy business and surplus cash flow, besides capital market transaction.
As on September 30, promoters and their group companies held 78.58 per cent stake in the company. As per the capital market regulator guidelines, private companies should have a minimum public shareholding of 25 per cent by June 2013.
