Mumbai/Bangalore: DLF Ltd, India’s largest realty developer in terms of market capitalization, has raised Rs.375 crore by issuing commercial mortgage backed securities (CMBS) against its South Delhi based luxury mall DLF Promenade Ltd.

A CMBS is a form of debt product wherein the developer raises capital against a rent-yielding commercial asset for a tenure of seven- eleven years depending upon the specific tenure of each issuer. The paper carries a fixed interest rate unlike other debt instruments.

DLF plans to halve its debt would be delayed by up to two years, a statement from the realty company said on Friday.

Early last year, the company had said it aimed to reduce its debt, which stood over Rs 21,000 crore then, to Rs 10,000-11,000 crore through the sale of non-core assets and improved cash flows.

Mumbai: Shares in DLF Ltd rose 2% on Friday after falling as much as 4% in early trade after its January-March earnings fell short of some analysts’ estimates.

The real estate developer on Thursday reported a profit in the fourth quarter, helped by a gain from the sale of its Aman Resorts luxury hotel chain.

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