DLF's rental arm DCCDL raises Rs 1,100 crore through issue of debentures

DLF's rental arm DCCDL raises Rs 1,100 crore through issue of debentures

DLF's rental arm DCCDL has raised Rs 1,100 crore through issuance of non-convertible debentures on a private placement basis.

In a regulatory filing on September 21, DLF informed that the DLF Cyber City Developers Ltd (DCCDL) board has approved the allotment of debentures.

DCCDL said that the securities allotment committee of the Board of Directors has approved the allotment of 1,10,000 senior, listed, rated, secured, redeemable, transferable, rupee-denominated NCDs (Non Convertible Debentures) of the face value of 1 lakh each on a private placement basis to eligible investor(s).

The size of the issue is Rs 1,100 crore. These NCDs will be listed on the BSE. The coupon rate is 8.25 per cent per annum. The maturity is August 17, 2033.

DCCDL is a joint venture between DLF and Singapore sovereign wealth fund GIC.

DLF holds a 66.67 per cent stake while the GIC has a 33.33 per cent stake in the DCCDL.

DLF holds the bulk of its rental assets (offices and shopping malls) through DCCDL.

DCCDL has rent-yielding office and retail properties of around 40 million square feet with an annual rental income of around Rs 4,000 crore. PTI MJH SHW