DLF to raise Rs 3,200 crore via Qualified Institutional Placement programme

Promoters to also put in Rs 2,500 crore

DLF, the country’s largest real estate developer, announced the launch of a Qualified Institutional Placement (QIP) programme to raise Rs 3,175 crore.

This is part of an earlier decision to cut its then massive debt, of Rs 28,500 crore only two years earlier. With the latest step, the aim is to bring this down to Rs 1,600 crore.

The QIP plan was approved by the board of directors in mid-December 2018, approved by the shareholders a month after. The debt total at end-December was Rs 7,224 crore. Other than the QIP, the promoters would put in another Rs 2,500 crore, thus reducing