DLF, on Tuesday, said it planned to bring down its net debt to Rs.17,500 crore by the end of this fiscal despite the $300 million deal to sell Aman resorts chain not going through.
The company had brought down its debt by over 6 per cent during quarter ended June 30, 2013, to Rs.20,369 crore boosted by sales and funds raised via share sale to institutional investors. The net debt of the company has declined to Rs.20,369 crore from Rs.21,731 crore as on March 31, 2013, DLF said in a presentation to analysts. During the April-June quarter, realisation from sale of non-core assets stood at Rs.215 crore and proceeds from the IPP (Institutional Placement Programme) was Rs.1,863 crore. It expects to garner another Rs.2,870 crore this fiscal from divestment of land and non-core businesses such as wind energy and insurance.
Its sales by way of bookings in the housing segment almost doubled to Rs.2,430 crore in the April-June period from the previous quarter on strong response for its Gurgaon projects.
