Real estate giant DLF Ltd has raised Rs 1,000 crore through the issue of non-convertible debentures on a private placement basis.
According to a regulatory filing, DLF has allotted 10,000 senior, secured, rated, listed, redeemable, non-convertible debentures of the face value of Rs 10 lakh each at par.
The tenure of the non-convertible debentures is three years. The date of allotment is March 19, 2020, while the date of maturity is March 17, 2023.
The NCDs issued by DLF will be listed on the BSE and will come with coupon or interest rate of 9.25 per cent and 9.5 per cent annually.
The schedule of payment of interest will be annually on March 19, 2021, March 21, 2020, and March 17, 2023.
On March 4 this year, the finance committee of DLF constituted by the board of directors had approved the issuance of the debentures with an aggregate principal amount up to Rs 1,000 crore, on a private placement basis.
DLF Ltd had posted a consolidated net profit at Rs 414.01 crore in its third quarter ended December 2019, up from Rs 335.15 crore in the year-ago period.
The company’s total income in Q3 of the financial year 2019-20 fell 36 per cent to Rs 1,533.34 crore from Rs 2,405.89 crore during the same period in the previous financial year.
Despite the fall in income, DLF’s reported an increase in net profit was due to an exceptional gain of Rs 230.93 crore during the third quarter ended in December 2019.
DLF had said that it had declared an interim dividend of Rs 1.20 per share.
One of India’s biggest real estate players, DLF has completed nearly 153 projects and developed an area of about 331 million sq feet.
DLF Group has around 192 million sq feet of development potential across the residential and commercial segment. It has an annuity portfolio of over 35 million sq feet, including commercial and retail space.