DLF's Rental Wing Secures NCDs Worth INR 1,000 cr
The rental arm of real estate developer DLF -- DLF Cyber City Developers -- on Monday raised Rs 1,000 crore through private placement of listed, secured and redeemable non-convertible debentures (NCDs).
The NCDs were placed with a 6.7 per cent annual fixed coupon rate (approx 6.5 per cent papm). It will mature in September 2024.
The proceeds from the placement, the company said, will be utilised to refinance its existing debt resulting in interest savings and mark DCCDL's foray into the listed debt capital market, widening its investor base.
According to Vivek Anand, Group Chief Financial Officer at DLF: "Our endeavour is to reduce the overall cost of our debt, the successful placement of the NCDs is a resonant endorsement of DLF's commercial portfolio.
"The funding sets a benchmark for AA/stable rated listed NCD's in the real estate sector. It demonstrates the continued trust and faith that investors have in DCCDL platform and we remain committed to creating long term value for all our stakeholders."
At present, DLF Cyber City Developers has a commercial portfolio of 34 million sq ft spread across seven cities across the country.
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