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DLF CUTTING DEBT @RS600 CR/MTH

Normal 0 MicrosoftInternetExplorer4 st1:*{behavior:url(#ieooui) } /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman";}   Real estategiant DLF Limited , stuck with a combination of property inventories andhigh debt, is reducing its debt by Rs 600 crore to Rs 1,000 crore every month.   DLF shares rose by 11.44 per cent on the BombayStock Exchange on Tuesday to close at Rs. 300.10.    “We are reducing our debt by Rs 600-Rs 1,000crore every month as a part of our ongoing effort to halve it by the end of thefiscal,” Rajeev Talwar, DLF’s group executive director told reporters onTuesday on the sidelines of an event organised by the Confederation of IndianIndustry. “Some of it is through the funds raised from sale of land parcels andrest through our own cash.”   Thecountry’s largest real estate developer has a long-term debt of Rs 13,958crore and plans to halve it by the end of March 31, 2010 .   Talwar said that the company had so far raised Rs1,000 crore through sale of land plots and will raise another Rs 1,900 crore bythe end of the financial year.   The company has 40 hotel plots across the countryof which 19 are under construction while the remainder have been put up forsale.   Earlier this year, DLF, in an investor presentationstated it plans to raise Rs 5,500 crore through a combined sale of non-coreassets like its wind and power business and land parcels earlier slotted fordevelopment of properties like hotels.   The ratesof the housing units are down by 20-25 per cent than what prevailed in thecountry in 2007, Talwar said.   Courtesy:- HT dt:- 15-07-09

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