DLF's board-constituted panel approves Rs 1,000-cr fundraising proposal

Realty major DLF said a panel constituted by its board has approved a proposal to raise up to Rs 1,000 crore through issue of non-convertible debentures.

In a regulatory filing, DLF said the finance committee constituted by the board of directors has approved the issuance of listed, secured, redeemable, and non-convertible debentures (NCDs), with an aggregate principal amount up toRs 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.

Last month, the company had reported a 24 per cent increase in consolidated net profit at Rs 414.01 crore for the quarter ended December as against Rs 335.15 crore in the year-ago period.

Total income in the third quarter of 2019-20 fell 36 per cent to Rs 1,533.34 crore from Rs 2,405.89 crore in the corresponding period of the previous year.

The company's net sales bookings rose 21 per cent to Rs 2,156 crore during April-December in 2019-20 on better demand for its completed inventories.