DLF plans to launch over Rs 3,000 crore QIP by June
New Delhi: Realty major DLF plans to raise an estimated Rs 3,000 crore through the sale of equity shares to qualified institutional investors.
Aiming to become a debt-free company, DLF had last year announced plans to issue up to 17.3 crore shares through qualified institutional placement (QIP) to raise funds and pre-pay loans.
"We are looking to complete QIP by June this year," DLF group CFO Ashok Tyagi said in an interview.
The QIP proceeds and further infusion of Rs 2,500 crore from promoters against issue of warrants would help company in significantly reducing debt that stood at around Rs 7,200 crore as on December 31, 2018, he said.
Moreover, the company is ready to move housing inventories worth Rs 12,500 crore which are being targeted to be sold in the next 3-5 years.
"We are currently selling Rs 600 crore worth properties every quarter. These sales proceeds will also be utilised towards reducing debt," Tyagi said.
DLF promoters K P Singh and family have already infused Rs 9,000 crore in the company and would pump in Rs 2,250 crore more.