DLF to sell more land and wind power business

Delhi Properties - Real Estate India - Unitech Grande
Debt-ridden realty player DLF said that it will sell more land and wind power business this financial year to raise Rs 1,900 crore and lowered the sales figure for flats.

With a total debt of over fourteen thousand crore rupees to start the year 2009-10, DLF had been doing everything conceivable, including sale of promoters’ equity in the company as also different projects. DLF has sold 2500 flats during 3 months ending June.

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

Both DLF and Unitech shares appreciated by 11.44% and 8.62% 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 worth of land during April-June period and is planning to garner 900 crore rupees to part-repay the debt by exiting its wind power business.

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