DLF raises $300m from Standard Chartered
DLF Ltd, the countrys largest realtor, has raised debt of about $300 million (Rs 1,350 crore) from Standard Chartered Bank, according to a source familiar with the development.
The money raised would be used for developing its newly announced housing projects and for other corporate activities.
The funds have been raised for the long term at an expected interest rate range of 8-9.5%, which is at least 500 basis points lower than the prevailing market rates.
DLF has net debt of Rs 13,958 crore, and the developer would use part of the fund raised to pay off some of its current year short term debt liability of Rs 3,591 crore. The loan will help the real-estate company lower its average cost of borrowing to about 12.2%, from 12.5%, Bloomberg quoted a person with knowledge of the transaction as saying.
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