Indian Property Developer DLF Sells First Bonds in Three Years
DLF Ltd. (DLFU), India’s largest developer, raised 7.5 billion rupees ($139 million) selling five-year bonds, the company’s first debt sale in three years.
DLF, based in Gurgaon, near the capital New Delhi, will pay a monthly coupon of 12.5 percent on the notes, the person said, asking not to be identified because the details are private. Standard Chartered Plc (STAN) arranged the sale, the person said. ICRA Ltd., the local unit of Moody’s Investors Service, rates the bonds A, its sixth-highest investment grade.
Sanjey Roy, a spokesman at DLF, said he couldn’t immediately comment on the sale when reached by phone today.
The developer had last sold bonds in May 2010, according to data compiled by Bloomberg. It has the equivalent of $745 million of notes and loans due by the end of 2018, the data show.
DLF’s stock rose 0.1 percent to 238.4 rupees as of 3:30 p.m. in Mumbai. The shares have advanced 3.4 percent so far this year, compared with a 1.6 percent increase in the S&P BSE Sensex index.
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