DLF to sell more land, wind power biz

Debt-ridden realty player DLF on Tuesday said it will sell more land and wind power business this fiscal to raise Rs 1,900 crore (Rs 19 billion) and lowered the sales figure for flats.

With a total debt of over Rs 14,000 crore to start the year 2009-10, DLF had been doing everything conceivable, including sale of promoters' equity in the company as also different projects.

Within twenty days of claiming that it had sold 4,000 flats during three months ending June, DLF's group executive director Rajiv Talwar told reporters the actual sales figure was just 2,500. "I must have given wrong figures at that time," he said when reminded about the figures given by him on June 26.

Rival Unitech on the other hand has been able to bring down its debt to below Rs 5,000 crore (Rs 50 billion) and today it is believed to have some cash surplus.

Both DLF and Unitech shares appreciated by 11.44 per cent and 8.62 per cent to close the day at Rs 330.10 and Rs 70.60 a share respectively.

As part of its management of debt, DLF sold Rs 1,000 crore (Rs 10 billion) worth of land during April-June period and is planning to garner Rs 900 crore (Rs 9 billion) to part-repay the debt by exiting its wind power business.