DLF Assets to raise $450 million from PE investors

27 November 2008

DLF Assets, the property fund of real estate magnate KP Singh, which was set up to acquire commercial projects of DLF Ltd, is likely to raise $450 million from private equity investors like JPMorgan and Texas Pacific Group.

This will enable the former to pay back part of the money it owes to the promoter group firm DLF Ltd.

Industry sources said, DLF Assets owes DLF Rs4,800 crore and will raise $450 million or Rs2,200 crore through private equity by the end of this  quarter.

However, DLF Assets chief financial officer Ramesh Sanka refused to reveal the names of the PE funds and said DAL would receive the funds by January-end.

Private equity investors are likely to put in $200 million.

Analysts said the money would improve the overall liquidity of DLF, which is pretty tight. DLF was planning to list on the Singapore stock exchange in June, to raise $2 billion, but did not do so because of weak market conditions. It also had to defer plans to come out with a domestic float for the same reason.