DLF to prepay NCDs worth Rs 500 cr

The realty major's announced that the company has exercised the option to prepay the non-convertible debentures (NCDs) one year ahead of the schedule on annual interest reset date of 25 March 2023.

The company had alloted of 5,000 senior, secured, rated, listed, redeemable, rupee denominated NCDs of the face value of Rs 10 lakh each aggregating to Rs 500 crore on 25 March 2021 with a coupon rate of 8.25% for a period of three years.

DLF said that it will redeem the outstanding principal amount along with the accrued annual interest on 24 March 2023.

DLF is primarily engaged in the business of development and sale of residential properties (the development business) and the development and leasing of commercial and retail properties (the annuity business).

The real estate developer's consolidated net profit jumped 36.8% to Rs 519.21 crore despite of 3.5% decline in revenue from operations to Rs 1,494.80 crore in Q3 FY23 over Q3 FY22.

Shares of DLF rose 0.95% to currently trade at Rs 346.25 on the BSE.

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