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DLF Pays Back Rs 1000 Cr Loan
Real estate Company DLF Ltd is learnt to have repaid loans to the tune of nearly Rs 1,000 crore during December, to various banks. It has also raised close to Rs 1,750 crore from a clutch of banks including PNB and SBI, a senior official told Business Line. “Overall, the company has converted the short-term foreign debt into long-term Indian borrowing. Earlier, the foreign debt had become cheaper than Indian debt and Indian banks had also become cautious in funding real estate. However, now the situation has somewhat reversed, and so the company has made this move,” the source said but declined to divulge the names of the banks the amount was repaid to.
Another top official pointed out that the company had not approached any bank for rescheduling or restructuring of its loans. “The company has neither sought rescheduling of loans nor roll over,” the official pointed out. RBI had, last month, permitted banks to consider their commercial real estate exposure restructured up to June 2009 under the ‘standard category’. This means that the banks would not consider these accounts as Non Performing Assets (NPAs). The move had been welcomed by realtors as the sector has been hit by slump in sales and liquidity crunch.
Meanwhile, DLF share on Monday fell 5.4 per cent on BSE to Rs 205.75, against the previous close of Rs 217.60 a share. The stock had hit a 52-week low on January 9 after a report that the company’s CFO had sold about one lakh shares. The CFO later that day had clarified that he had sold the shares at Rs 300 each for “personal reasons”. The top honcho, however, had dismissed speculation that he had stepped down from his post.
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