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« Pune Witnesses Return of Commercial Real Estate | Home | Parsvnath Developer Records Four-Fold Growth in Consolidated Net Profit »

DLF Plans to Sell 10 bln Rupees of Bonds

DLF Ltd, India’s top listed real estate firm, is looking to sell 10 billion rupees of bonds and is in talks for a foreign currency loan to help reduce high-cost debt, two sources with direct knowledge of the matter said on Monday. The company is looking to sell two-year bonds carrying a coupon rate of 10 percent, payable half-yearly, and three-year bonds at 10.50 percent, market sources said.

The yield-to-maturity is 10.25 percent for the two-year bonds and 10.77 percent for the three-year tranche, they added. Axis Bank is arranger to the deal. Sources told Reuters that DLF is looking to refinance high-cost debt including part of a 17-billion-rupee loan taken from Punjab National Bank (PNB) at an interest rate of about 13.5 percent. “They may restructure our loan by converting it into a foreign currency loan at a lower rate. They are in talks with us on this,” said a senior official at PNB. DLF had also issued 7.2 billion rupees of five-year bonds at a high yield of 14 percent in February.

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