The board of DLF has approved a plan to raise Rs 11,250 crore through issue of debentures and share warrants to promoters, which will go into paring its debt.The real estate developer will also offer 17.30 crore shares through either a public issue or private placement, the company said in a regulatory filing on Friday.DLF will issue 37.97 crore compulsorily convertible unsecured debentures (CCDs) to the promoter group entities. Both the conversions of CCDs and warrants will be done in a manner to maintain the minimum public shareholding of 25 per cent. Currently, the promoter group holds 74.95 per cent stake in DLF. The company has approved raising its authorised share capital to Rs 1,000 crore from current Rs 500 crore. ET first reported the plan and size of qualified institutional placement ( QIP ) as well as promoters’ capital infusion into DLF last year.Separately, DLF has approved inducting group chief financial officer Ashok Tyagi into its board of directors as whole-time director along with Devinder Singh, MD of subsidiary DLF Home Developers.The Competition Commission of India has approved a proposal by Singapore’s sovereign wealth fund GIC to acquire 33.34 per cent stake in DLF Cyber City Developers for $1.39 billion, or about Rs 8,900 crore.

Source: Economic Times December 02, 2017 05:03 UTC