DLF to raise Rs 3,000 cr by this fiscal-end
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In order to ease its debt position, realty firm DLF on Friday said it will raise up to Rs 3,000 crore by end of this fiscal from sale of its two non-core business assets — luxury hotel chain Aman Resorts and the wind energy business. It also said it will launch three-four projects in Gurgaon by March 2013, which would generate about Rs 15,000 crore sales realisation over the next three-four years.
"Aman Resorts is a complex deal. It will take time. It looks like that wind energy will be concluded faster than Aman Resorts," DLF Group executive director Rajeev Talwar said. The company is engaged in active negotiations in both the deals and expects to close the transactions by end of this fiscal, he added.
DLF also said it is likely to bring a follow-on public offer (FPO) before June 2013 to dilute promoters' stake to 75 per cent as per Sebi's guidelines.
"We will issue fresh equity shares. Most likely it will be a FPO, unless foreign and domestic institutional investors bid competitively for our shares," Talwar said.
As on September 30, promoters and their group companies held 78.58 per cent stake in DLF. As per Sebi guidelines, private firms should have a minimum public shareholding of 25 per cent.