DLF aiming to reduce debt to Rs 11,000 crore in 3 years

19 Feb 2013

DLF is targeting to halve debt to Rs 10,000-11,000 crore in next three years. The company will do the same with the help of fresh issue of equity shares, sale of non-core assets and improved cash flows.

The company is also planning to dilute promoter stake by issuing fresh equity shares in first quarter of next fiscal in order to meet the market regulator SEBI guidelines of minimum 25 per cent public shareholding by June 2013. With this the realty major will raise over Rs 2,000 crore.

The company is also expecting to raise another Rs 2,500 crore after conclusion of its divestment of hospitality chain Amanresort and part of wind energy business in this quarter.

Country’s largest real estate developer has reduced its debt by Rs 1,870 crore during the third quarter of this fiscal to Rs 21,350 crore with the help of proceeds from 17-acre prime land in Mumbai to Lodha Developers for Rs 2,727 crore. The debt is expected to come down at Rs 19,000 crore by end of this fiscal.

On consolidated basis, the company reported 10.24% rise in its net profit at Rs 284.80 crore for the quarter as compared to Rs 258.35 crore for the same quarter in the previous year. However, total income of the company decreased by 4.37% at Rs 2291.25 crore for quarter under review as compared to Rs 2396.02 crore for the quarter ended December 31, 2011.

DLF Share Price

213.10 1.35 (0.64%) Nov 18, 09:43
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Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323
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