Realty firm DlF’s net debt rose by nearly Rs800 crore in January-March quarter of the last fiscal to cross Rs22,000 crore due to slowdown in real estate sector. DlF, the country’s largest realty firm, said it expects to get expression of interest from the potential investors from June onwards to acquire promoters’ 40 per cent stake in its rental arm DlF Cyber City Developers ltd (DCCDl) for an estimated Rs12,000-14,000 crore.
According to an analyst presentation, DlF’s net debt stood at Rs22,202 crore at the end of March quarter of the last fiscal as against Rs21,411 crore as on December 31, 2015. Out of total debt, the net debt attributed to DCCDl is Rs12,325 crore.
“The company’s debt has increased due to Rs350-400 crore in operating cash flow and dividend payment,” DlF’s Chief Financial Officer (CFO) Ashok Tyagi said.
On the proposed divestment of promoters’ stake in DCCDl, he said, “We are satisfied with the progress on this proposed transaction. We circulated memorandum of information to potential investors last month and we expect that expression on interest to start coming in from June onwards.”