The biggest real estate developer in the country, DLF, is planning to get rid of its entire debt in 2018-19 (FY19), after a stellar performance in the October-December (Q3) quarter of this financial year (FY18).
In Q3FY18, DLF’s profit jumped nearly 42 times to Rs 40.91 billion, after it sold a stake in its rental arm to GIC. In the same period of FY17, its profit was Rs 980 million.
After the conclusion of the promoter's stake sale in its rental arm to Singapore sovereign wealth fund GIC, realty major DLF is looking to make its development arm a zero net-debt company by March 2019, repaying the entire liability of 13,000 crore.
The company has already repaid debt worth 3,000 crore on December 29 from about 9,000 crore received from promoters following their 33.34% stake sale in rental arm DLF Cyber City Developers Ltd (DCCDL).
New Delhi: The Supreme Court on Wednesday upheld an order of the Kerala high court allowing real estate company DLF to regularize an illegal structure built along the banks of eco-sensitive Chilavannur backwaters, near Kochi.
DLF’s project costing over Rs300 crore comprises 180-odd luxury flats.
NEW DELHI: Realty major DLF today appointed Saurabh Chawla as group chief financial officer (CFO).
Chawla, age 53 years, joined DLF in April 2006.
"...upon elevation of the group CFO Ashok Kumar Tyagi as whole-time director of the company, the board of directors... has appointed Saurabh Chawla as Group CFO of the company," DLF said in a regulatory filing.
Mumbai: The attempts by realty major DLF to bring down its debt received a boost on Wednesday with its shareholders approving an issue of debentures and warrants to promoters in lieu of a Rs 11,250-crore equity infusion into the company.
This comes a day after the promoters concluded the sale of a 33.34 per cent stake in its rental arm to Singapore's GIC for Rs 9,000 crore.
DLF Ltd, India’s largest real estate developer, may bring cheer on home buyers’ faces with a new business model, which is to move from launch-driven company to selling down old inventory, even as it will Rs 11,000 crore from promoters to repay debt. “Our business model is changing with this capital infusion. We are not going to be a launch-driven company. We have on our books almost Rs 15,000 crore plus of completed inventory. The next few years our intention is to actually sell down that inventory,” Saurabh Chawla, Senior ED Finance, DLF told ET Now.
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