DLF to raise over Rs 3,000 via QIP

DLF is planning to raise an estimated Rs 3,000 crore through the sale of equity shares to qualified institutional investors (QIP). The company is looking to complete QIP by June this year.

In a bid to become a debt-free company, the company had last year announced plans to issue up to 17.3 crore shares through qualified institutional placement (QIP) to raise funds and pre-pay loans. The QIP proceeds and further infusion of Rs 2,500 crore from promoters against issue of warrants would help company in significantly reducing debt that stood at around Rs 7,200 crore as on December 31, 2018.

DLF is one of India’s biggest property developers. The company’s primary business is development of residential, commercial and retail properties. The company has a unique business model with earnings arising from development and rentals.