NEW DELHI: DLF’s rental arm, DCCDL, has successfully raised Rs 1,100 crore by issuing non-convertible debentures through a private placement.
According to a regulatory filing on Tuesday, the securities allotment committee of DLF Cyber City Developers Ltd (DCCDL) approved the allotment of 1,10,000 Non-Convertible Debentures (NCDs) totaling Rs 1,100 crore to eligible investors.
These NCDs come with a coupon rate of 6.91 percent per annum, payable quarterly.
DCCDL is a joint venture involving DLF and Singapore’s sovereign wealth fund GIC, with DLF owning nearly 67 percent of the partnership.
The company has a vast operational portfolio, encompassing 44 million sq ft of commercial spaces (inclusive of office and retail) across various cities, including Gurugram.
During the June quarter, DCCDL reported a net profit increase of 26 percent, reaching Rs 593 crore, driven by higher income from rent-generating commercial assets. Total income surged by 12 percent to Rs 1,739 crore during the April-June period of this fiscal year, compared to Rs 1,553 crore in the same period last year.
The DLF Group focuses primarily on the construction and sale of residential properties (development business) as well as the construction and leasing of commercial and retail properties (annuity business). A significant share of its commercial assets is held by DCCDL.
