Real estate major DLF, facing a debt burden of over ₹22,000 crore, is looking to divest 40 per cent stake in its rental assets arm — DLF Cyber City Developers — and hopes to zero-in on a partner in two-three months, its Chief Financial Officer Ashok Tyagi said.
“The expressions of interest are expected in the next couple of weeks. We expect that in two-three months we will be in a position to finalise the partner,” Tyagi told BusinessLine . The stake sale is expected to leave DLF in funds, enabling it to substantially lower its debt that as on March 31, 2016 stood at ₹22,202 crore.
Tyagi said the ₹14,000-crore debt that accrues to the lease rental business may even go up with more capital projects. “The debt on our residential side (₹8,500 crore) is what we don’t like, as it creates pressure on trying to do sales, launches etc,” he said, adding that DLF was looking to use the stake sale proceeds to clear its residential debt. He said the company would look at real estate investment trusts next fiscal, once this deal is closed.