DLF Cyber City Developers Ltd (DCCDL), a JV of DLF and GIC, raised ₹1,100 crore via non-convertible debentures (NCDs).
Proceeds will be used to retire high-cost debt and lower interest expenses.
NCDs were issued at a 6.91% annual coupon rate, payable quarterly.
DCCDL’s net debt stood at ₹17,287 crore at the end of Q1 FY26.
The firm has a 44 million sq ft operational commercial portfolio across cities including Gurugram.
DCCDL reported a 26% rise in Q1 net profit to ₹593 crore, with income up 12% to ₹1,739 crore.
Realty major DLF's rental arm DCCDL will utilise ₹1,100 crore raised through issue of non-convertible debentures (NCDs) to retire costly debt and reduce interest expenses, a senior company official said.
DLF Cyber City Developers Ltd (DCCDL), which is a joint venture between DLF and Singapore's sovereign wealth firm GIC, on Tuesday announced raising of ₹1,100 crore through NCDs.
DLF, in a regulatory filing, had said that the securities allotment committee of the Board of DCCDL has approved allotment of 1,10,000 NCDs for an aggregate principal amount of ₹1,100 crore on a private placement basis to eligible investors.
These NCDs have been issued at a coupon rate of 6.91% per annum payable quarterly.
When contacted, DLF's Vice Chairman and MD (Rental Business) Sriram Khattar told PTI, "We continuously review our treasury portfolio to lock in better interest costs. The current proceeds are being used primarily to reduce higher cost borrowing." DCCDL's net debt was ₹17,287 crore at the end of the April-June quarter of this fiscal.
DLF holds nearly 67% stake in the JV firm - DCCDL, which has a total operational portfolio of 44 million sq ft of commercial spaces (office and retail) across various cities, including Gurugram.
DCCDL's net profit rose 26% to ₹593 crore during the June quarter on the back of higher income from rent-yielding commercial properties. Total income grew 12% to ₹1,739 crore during the April-June period of this fiscal from ₹1,553 crore in the corresponding period of the preceding year.
DLF Group is primarily engaged in the business of building and sale of residential properties (development business) and the construction and leasing of commercial and retail properties (annuity business).
The bulk of the commercial assets of DLF Group is parked in the DCCDL.
