DLF proposes to raise up to Rs5,000 crore via NCDs1 min read . Updated: 22 Jun 2015, 10:30 PM IST
The realty firm, through a postal ballot, has sought consent from its shareholders for the special resolution
Bengaluru: DLF Ltd, the country’s largest developer by market value, has proposed raising up to ₹ 5,000 crore through non-convertible debentures (NCD), including bonds and other debt securities, on a private placement basis, the firm said in a regulatory filing on Monday.
The realty firm, through a postal ballot, has sought consent from its shareholders for the special resolution.
DLF said in order to augment long-term resources for business needs and to reduce reliance on the banking system, it intends to issue NCDs.
“The company may offer or invite subscription for NCDs, including subordinated debentures, bonds and/or other debt securities, in one or more series and/or tranches through private placement on preferential basis with authority to the board to determine the terms and conditions, including the issue price, interest rate, repayment, security, currency or otherwise...," it said.
DLF’s debt rose by ₹ 628 crore to ₹ 20,965 crore in the March quarter from the preceding three months.
In June, it agreed to the sale of its cinema exhibition business, DT Cinemas, to PVR Ltd for ₹ 500 crore.