DLF-GIC JV firm DCCDL raises Rs 1,100 cr through NCDs

New Delhi, Sep 30 (PTI) Realty major DLF's rental arm DCCDL has raised Rs 1,100 crore through an issue of non-convertible debentures on a private placement basis.

In a regulatory filing on Tuesday, DLF informed that the securities allotment committee of the Board of DLF Cyber City Developers Ltd (DCCDL) has approved allotment of 1,10,000 Non-Convertible Debentures (NCDs) for an aggregate principal amount of Rs 1,100 crore on a private placement basis to eligible investors.

These NCDs have been issued at a coupon rate of 6.91 per cent per annum payable quarterly.

The DCCDL is a joint venture between DLF and Singapore's sovereign wealth fund GIC. DLF holds nearly 67 per cent stake in the JV firm.

DCCDL has a total operational portfolio of 44 million sq ft of commercial spaces (office and retail) across various cities, including Gurugram.

DCCDL's net profit rose 26 per cent to Rs 593 crore during the June quarter on the back of higher income from rent-yielding commercial properties. Total income grew 12 per cent to Rs 1,739 crore during April-June period of this fiscal year from Rs 1,553 crore in the corresponding period of the preceding year.

DLF Group is primarily engaged in the business of building and sale of residential properties (development business) and the construction and leasing of commercial and retail properties (annuity business).

The bulk of the commercial assets of DLF Group is parked in the DCCDL. PTI MJH MR MR