DLF is considering picking up minority stake in DLF Assets Limited (DAL), reports CNBC-TV18 quoting sources. This will help DLF Assets in their plans for real estate investment trust (REIT) listing plan and DLF will be its sponsor for the same. This move may also be aimed at reducing DAL’s Rs 5,000 crore receivables to DLF.
CNBC-TV18 also learns that DAL has been trying to raise USD 450 million from private equity investors since July. The deal, supposed to close by the end of this financial year, is likely to be delayed till April.
Some good news though for DLF Assets Limited as well as the shareholders of DLF is that other than 9.5 million squre feet that will be delivered to DAL by the end of this year, they are securitizing rent and hopefully raising about Rs 2,000 crore from three banks. So that should also help bring down receivables.
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