“In the medium term, (this will) further pare down the net debt to below 15,000 crore with operational cash flow surpluses and equity issuance to bring the free float to 25 percent (in compliance to current regulations) during FY14,” DLF said in an analyst presentation.

DLF Executive Director (Finance), Saurav Chawla said there would be a capital market transaction next year leading to dilution of promoters’ stake in the company.

“It will be a fresh issue of share,” he added.

As on September 30, promoters and their group companies held 78.58 percent stake in the company. As per the SEBI guidelines, private companies should have a minimum public shareholding of 25 percent by June 2013.

Chawla said the company plans to cut debt to around 15,000 crore from the existing 21,200 crore from sale of two big-ticket non-core assets (hospitality chain Amanresorts and wind energy business), surplus cash flow and capital market transaction.

In 2007, DLF had come out with its IPO and raised over Rs 9,000 crore. The company had offered shares at 525 each that is now trading at around 200 apiece.

The company’s promoters had sold 9.9 percent stake in 2009 to raise 3,860 crore.