Realty major DLF is likely to raise Rs 2,500-3,000 crore by next month via private equity and is in talks with Singapore government's investment arm GIC to sell stake in a new housing project here.
According to sources, it is in advanced stage of talks with sovereign wealth fund GIC to sell up to 49 per cent stake in the new residential project in the National Capital. The deal is expected to close in the next one month, they added.
DLF is planning to launch a new residential project spread over 20-25 acres near Moti Nagar, adjacent to its existing housing project 'Capital Green'.
The regulatory approvals are in place to launch this project, comprising about 3,000 apartments, sources said. When contacted, the company spokesperson said: "We do not comment on market speculations."
In August 2007, DLF had bought 38 acres from DCM Shriram Consolidated and Lohia Group for Rs 1,675 crore.
On 30 acres, the company is developing a housing project 'Capital Green' having 2,800 flats. DLF had announced in February it would raise over Rs 3,000 crore through divestment or joint ventures in certain projects as part of its strategy to improve cash flow. In its analyst presentation, DLF had said it intends to keep the net debt of DevCo (development arm) range bound "through tactical divestments or JV's with strategic or financial investors of certain projects".
(Source: Press Trust Of India)