DLF planning to cut debt to Rs. 10000-11000 crore in 3 years

DLF planning to cut debt to Rs. 10000-11000 crore in 3 yearsIndia's biggest property developer, DLF has indicated that it is planning to reduce its debt from the current Rs. 21,350 crore to Rs. 10000-11000 crore over a period of next three years.

The management of the company also said that it is planning to dilute 3 per cent stake to raise cash flows of 5000 crore. DLF has been selling major assets to strengthen its financial position and consolidate its position in the core infrastructure sector.

The company had sold a 17-acre land in Mumbai to Lodha Developers for Rs 2,727 crore in August and Aman resorts back to founder Adrian Zecha for about Rs 1,650 crore.

The company also sold a wind project located in the state of Gujarat to Bharat Light and Power as part of the company's strategy to exit non-core business segments.

The shares of the company had fallen to Rs. 174 in January 2012 but were able to recover and closed the year with an increase of 26 per cent on the Bombay Stock Exchange (BSE). The company shares have already recorded an increase of about 10 per cent so far this year.