DLF Cyber City Developers Raise Rs 1,000 CR Through NCDs

DLF Cyber City Developers (DCCDL), the rental arm of DLF, has raised Rs 1,000 crore through nonconvertible debentures (NCDs) at 6.7% annual coupon the company said in a BSE filing. "DCCDL has approved allotment of 10,000 senior, secured, rated, listed redeemable non-convertible debentures (NCDs) with ‘CRISIL AA/ Stable’ rating of the face value of Rs 10,00,000 each at a coupon rate of 6.7% p.a. (~6.5% p.a.p.m.), payable on annual basis, with an aggregate principal amount of Rs 1,000 crore," it said in the regulatory filing. The proceeds will be utilised to refinance its existing debt resulting in interest savings and marks DCCDL's foray into the listed debt capital market and widening its investor base, the company said in a media release. “Our endeavour is to reduce the overall cost of our debt, the successful placement of the NCDs is a resonant endorsement of DLF's commercial portfolio," said Vivek. DCCDl has a commercial portfolio of about 34 million sq ft spread across seven cities.