DLF in cash chase

New Delhi, July 14 (PTI): Realty major DLF is likely to raise about Rs 2,500-3,000 crore by next month via private equity and is in talks with the Singapore government's investment arm GIC to sell stake in a new housing project here.

According to market sources, the company is in an advanced stage of talks with sovereign wealth fund GIC to sell up to a 49 per cent stake in the new residential project in the national capital. The deal is expected to close in the next one month.

DLF is planning to launch a new residential project spread over 20-25 acres near Moti Nagar, adjacent to its existing housing project "Capital Greens".

The regulatory approvals are in place to launch this project, comprising about 3,000 apartments, sources said.

When contacted, the company's spokesperson said, "We do not comment on market speculation."

In August 2007, DLF had bought 38 acres of land from DCM Shriram Consolidated and Lohia Group for Rs 1,675 crore. On about 30 acres, the company is developing its housing project Capital Greens having 2,800 flats.

In February this year, DLF announced that 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 and reduce debt.

DLF Ltd