DLF to Issue NCDs By End of the Month
DLF Ltd has mandated Axis bank to raise Rs 1000cr through non-convertible debentures for the company by end of this month. The debentures will be issued for a period of 3 years with an interest rate of 10.5%.
DLF will use the funds to retire its high cost Debt. The company has a net debt of Rs 12,830cr as of third quarter ended December 2009. Earlier DNA had reported that DLF would be taking a loan via bonds or in foreign currency.
Last year, the company had secured a loan of around Rs 200cr from three state run banks and a financial institution. The break up is as follows:
| Institution | Size (Rs in cr) |
| Punjab National Bank | 70 |
| State Bank of India | 30 |
| LIC | 75 |
| Bank of India | 2 |
These loans carried an interest rate of 12-13%.
Transaction reference: BS
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