Realty major DLF aims to cut its net debt by half over the next three years to Rs 10,000-11,000 crore with the help of fresh issue of equity shares, sale of non-core assets and improved cash flows as per public shareholding dilution rule.
The company's top executives met analysts here on Friday last week and spelled out a plan to reduce the debt by half from the current Rs 21,350 crore.
DLF's share price bounced back by rising over 5 per cent on BSE to close at Rs 261.45 after witnessing sharp losses in the previous four sessions.
In order to meet the market regulator SEBI guidelines of minimum 25 per cent public shareholding by June 2013, DLF is planning to dilute promoter stake by issuing fresh equity shares in first quarter of next fiscal helping the company to 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.
In December 2012, DLF announced sale of Amanresorts back to founder Adrian Zecha for about Rs 1,650 crore.
Last month, the company announced sale of part of its wind turbine business in Gujarat to Bharat Light & Power for Rs 282.3 crore.
That apart, DLF is also in negotiations for sale of its wind turbines in Rajasthan (34 MW), Tamil Nadu (33 MW) and Karnataka (11 MW).
DLF has been selling its non-core assets and businesses since last couple of years to focus on real estate and cut its huge debt.
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Source: http://www.indianexpress.com/news/dlf-ltd-to-halve-debt-to-rs-11000-cr/1075965/
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