DLF's panel approves Rs 1,000 crore fund-raising plan

India's largest real estate company DLF Group has said a panel constituted by its board of directors approved a proposal to raise up to Rs 1,000 crore through issue of non-convertible debentures (NCDs).

The finance committee constituted by the board approved the issuance of listed, secured, redeemable and NCDs with an aggregate principal amount up to Rs 1,000 crore on a private placement basis.

"The NCDs will be issued in one or more tranches to certain eligible investors permitted to invest in the NCDs under applicable laws," DLF said in a statement.

The company has witnessed a significant transformation of the capital structure, resulting in a healthy balance sheet.

It reported 20 per cent increase in its net profit for the third quarter (October to December 2019) at Rs 414 crore year-on-year.

Consolidated revenues stood at Rs 1,533 crore in Q3 FY20 while earnings before interest, tax, depreciation and amortisation (EBITDA) totalled Rs 420 crore.

DLF has appointed industry veteran Vivek Anand as its new Chief Financial Officer. He brings with him an extensive background in corporate finance, treasury, financial planning and analysis, tax, investor relations, strategic planning and risk management.