Realty major DLF has sold 32 acres of land in Hyderabad for about Rs 650 crore to Suvarnabhoomi Developers as part of its strategy to exit from the non—core assets and reduce debt.

The company has signed an agreement with local builder Suvarnabhoomi Developers to sell this plot, sources said.

DLF has been divesting its non-core assets such as hotel plots, IT parks and SEZs since 2010 and had raised about Rs 8,000 crore till December last year.

Recently, the company was able to divest its three big-ticket assets — a prime land parcel in Mumbai, hospitality chain Aman Resorts and wind energy projects.

DLF sold a 17-acre land in Mumbai to Lodha Developers for Rs 2,727 crore in August last year. The realty major also sold Aman Resorts back to founder Adrian Zecha for about Rs 1,650 crore in December 2012. Another Rs 523 crore was raised this year from the sale of wind mills in Gujarat, Tamil Nadu and Rajasthan.

The country’s largest realty firm is targeting to bring down its net debt to Rs 10,000-11,000 crore from Rs 21,350 crore within the next three years with the help of proceeds from the issue of shares and sale of non-core assets.

On May 14, DLF will launch an Institutional Placement Programme (IPP) to raise up to Rs 1,888 crore from the issue of 8.1 crore equity shares.

The share sale is for meeting market regulator SEBI’s guidelines on minimum 25 per cent public shareholding by June. The promoters hold 78.58 per cent stake in the company as of now.

The floor price of the issue has been fixed at Rs 222 per equity share with a price band of Rs 222-233 per share.

This will be the third major fund-raising exercise in the company. DLF had launched its Initial Public Offer (IPO) to raise over Rs 9,000 crore in 2007, while the promoters had sold 9.9 per cent stake in 2009 to raise Rs 3,860 crore.

According to the IPP prospectus filed with SEBI, the company developed 105 realty projects comprising 262.4 million sq ft till last year.

The company is constructing 34 projects with 46.1 million sq ft of saleable area and 5.8 million sq ft of leasable area and plans to launch seven projects with 11 million sq ft of saleable area and 0.2 million sq ft of leasable area.