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DLF close to Rs 2000cr debt deal

This article was posted on Feb 12, 2009 and is filed under Stock News

New Delhi: DLF Ltd, the country’s largest real estate developer, is expected to secure Rs 2,000 crore of long-term debt in two weeks from public sector banks and other financial institutions. The company has already secured another Rs 1,000 crore of long-term debt over the last few months.

The company will use the funds to pay off some short-term loans. “DLF has paid Rs 400 crore ahead of maturity,” a source close to the development told DNA Money on the condition of anonymity.

A DLF spokesperson declined to comment but added that the company is set to secure debt obligations that will be payable by March 31.

Another source said the company has secured Rs 750 crore from Punjab National Bank, and Rs 1,250 crore from Life Insurance Corporation, Bank of India and other PSU banks.

The Delhi-based developer now has around Rs 3,600 crore of short-term debt out of its total gross debt of Rs 14,600 crore.

DLF’s vice-chairman Rajiv Singh earlier said that they would convert their total short-term debt into long-term debt by the middle of next fiscal year. “We have already raised about Rs 1,000 crore and are in the process of raising about Rs 2,000 crore by the end of March. I expect that in the next 6-8 months, our total debt would be long-term,” Singh had said after the company’s quarterly results.
DLF’s short-term debt was to mature by middle and end of 2009.

Meanwhile, according to a Reuters report, Unitech said it has rescheduled repayments on around 75% of its Rs 2,500 crore loans due till this fiscal year. Unitech managing director Sanjay Chandra said some of the loans had already been paid off. On pledging of promoter shares in Unitech, Chandra said disclosure would be made soon.

source: DnaIndia

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