Dealing with debt: DLF building on debt-free ambition

At a time when several firms are facing insolvency, some have been able to restructure their debt. In the second of a 4-part series, Business Standard looks at the realty major

Late last month, DLF’s board of directors approved the sale of a 33.34 per cent stake in DLF Cyber City Developers (DCCDL) to an affiliate of Singapore’s sovereign wealth fund GIC for a total of Rs 8,900 crore. DCCDL would pay promoters K P Singh and family Rs 3,000 crore for buying back preference share. Proceeds from the GIC deal would also flow back to promoters who would then