NEW DELHI: Continuing its efforts on reducing debt, India's biggest real
estate company DLF Ltd, is looking to raise Rs1,500 crore from its non-core
assets.
The building firm has just signed three definite agreements to divest two
land parcels for about Rs 700 crore and 60% ownership in Star Alubuild, a
facade engineering and contracting company, for about Rs 70 crore.
"The
company aims to complete the sale of most non-core assets this quarter,
including its exit from insurance business, and will mobilise a slice over Rs
3,700 crore through this route," a top group executive told ET, requesting
not to be named as the company is in the middle of a capital raising exercise.
The Rs 3,700 crore figure includes Rs 1,500 crore from fresh sale of
assets and anotherRs2,250 crore from the balance payment of older transactions
that were concluded in 2012, the executive added.
Then it is also set to raise Rs 2,000 crore through a share sale next
week. These steps should help it bring down its debt to about Rs15,250 crore
from the Rs 21,000 crore it has on its books now. In September 2012, DLF had
run up a peak level debt of about Rs 23,200 crore. It has brought this down a
tad below Rs 21,000 crore after divesting its prime land parcel in Mumbai for Rs
2,725 crore.
DLF has also lined up other asset sales. These include exiting its
insurance venture with US-based Prudential group, and sale of its investment in
a private equity fund managed by Symphony Capital Partners, said the official.
The company had invested about Rs250 crore in Symphony Capital Partners Fund,
which had invested in DLF Asset Ltd in 2008
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