DLF Ltd, India's largest real estate developer, is raising INR 600 crore through non-convertible debentures (NCDs) via its subsidiary DLF Home Developers Ltd. The funds will refinance existing debts. The allotment of 60,000 NCDs, each with a face value of INR 1 lakh, has been approved. While the specific utilization of funds was not disclosed, sources suggest DLF will refinance existing debts. DLF Group boasts a significant development potential of 215 million square feet across residential and commercial segments. Sales for the 2022-23 fiscal exceeded INR 15,000 crore. DLF plans to launch projects worth approximately INR 80,000 crore over the next 3-4 years to meet increasing demand for housing and commercial ventures.
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Realty giant DLF Ltd is set to raise INR 600 crore through the issuance of non-convertible debentures (NCDs) to investors, aimed at refinancing existing debts. The company's wholly owned subsidiary, DLF Home Developers Ltd (DHDL), has successfully secured this amount, with the Securities Allotment Committee of DHDL's Board of Directors approving the allotment of 60,000 NCDs. Each debenture holds a face value of INR 1 lakh, aggregating to INR 600 crore, facilitated through private placement to eligible investors.
DLF, renowned as the country's largest real estate developer by market capitalization, has not disclosed specific details regarding the utilization of the raised capital. However, sources indicate that the funds will primarily be channeled towards refinancing existing debts, aligning with the company's strategic financial objectives.
The DLF Group boasts an extensive development potential spanning 215 million square feet across residential and commercial segments. Complementing this, the group maintains an annuity portfolio exceeding 42 million square feet, reflecting a diverse and robust real estate portfolio.
Amidst buoyant market conditions, DLF's sales bookings witnessed a substantial surge, recording a twofold increase annually to reach INR 13,316 crore in the first nine months of the fiscal year. This surge is mainly attributed to the heightened demand for luxury housing properties in Gurugram, underscoring the company's market dominance and consumer appeal.
Comparatively, during the April-December period of the preceding fiscal year, DLF's sales bookings amounted to INR 6,599 crore, showcasing a remarkable growth trajectory. In the fiscal year 2022-23, the company's sales bookings surpassed the INR 15,000 crore mark, reaffirming its position as a formidable player in the real estate sector.
Looking ahead, DLF has ambitious plans to introduce properties worth nearly INR 80,000 crore over the next 3-4 years, capitalizing on the escalating demand for housing and commercial projects. This strategic endeavor aligns with the company's vision to leverage market opportunities and expand its footprint in the dynamic real estate landscape.
In essence, DLF's latest move to raise INR 600 crore through NCDs underscores its proactive approach to financial management and its commitment to sustainable growth amidst evolving market dynamics.
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