DLF has received approval from its board for a qualified institutional placement (QIP) and a capital infusion plan. The approval has been received for raising Rs.3,500 crore through the QIP route.

This move is a part of the company’s plan to reduce its debt. The company’s debt as of September 2017, was at Rs.27,000 crore out of which company plans to decrease its debt by Rs.14,000 crore.

Further, it is likely that the promoters of DLF will receive Rs.11,900 crore, out of this Rs.8,900 crore will come from the GIC deal, by the end of December and the rest will come from buyback of shares worth Rs.3,000 crore by DLF Cyber City Developers Ltd (DCCDL).

Moreover, the promoters are planning to make a capital infusion of Rs.10,500 crore into the business out of the Rs.11,900 crore. The company has also announced to formally place Ashok Tyagi and Devinder Singh as the whole-time directors.

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