Developer DLF NSE 0.34 % is looking to raise about Rs 4,500 crore through a sale of equity shares to institutional investors through a Qualified Institutional Placement (QIP), two persons familiar with the development said. The issue is likely to be launched by June end.
The fund-raising exercise is part of the company’s objective of turning into a debt-free company by March 2019. The company plans to issue up to 17.3 crore shares through QIP, it had announced earlier.
DLF spokesperson declined to offer comment for the story.
DLF’s net debt currently stands around Rs 5,500 crore, following the formation of its recent joint venture with Singapore’s sovereign wealth fund GIC NSE 1.75 %. The company has repaid some bank loans and transferred a substantial part of debt to the joint venture.
