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DLF accrues Rs.1kcrore through property sales

Monday, July 6, 2009 1:33 pm
By ShareGyan.com NewsDesk

DLF has rallied nearly Rs.1, 000 crore of new funds via several land contracts in the last month period.
The company has given 66% of its share in the Prabhadevi land in Mumbai to C Sivasankaran for Rs.310 crore, besides land from Baroda and a couple of hotel ventures from Gangtok and Delhi.
The economic details of the other financial dealings were not made open.
Besides, the company also seeks to increase another Rs.500 crore via property sales in the upcoming few weeks.
Funds arranged through the property sales will be utilized to minimize the debt load of the company, which is floating at around Rs.14, 000crore level.
The realty chief had canceled its 4 SEZs, IT and ITeS SEZs from Orissa, Gujarat, West Bengal and Haryana due to the slack real-estate market last month.

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