Billionaire K P Singh-promoted DLF Assets is looking to raise $450 million from private equity investors by December for part payment to another promoter group firm DLF.
DLF Assets has been established to acquire commercial projects of DLF, the country’s largest realty firm.
According to market sources, DLF Assets, which currently owes DLF Rs 4,800 crore, will raise $450 million (about Rs 2,200 crore) through private equity by the end of this quarter.
The company is in talks with a few private equity firms and the deal is likely to be signed shortly, they added. DLF Assets’ current rented portfolio is 4.7 million sq feet. It is expected to grow to 10 million sq feet by March 2009, yielding rentals of Rs 600 crore per annum.
In August, DLF chief financial officer Ramesh Sanka had said that DLF Assets would raise funds in this calendar year through private equity and had deferred its plan to raise about $2 billion from an IPO in Singapore.
DLF Assets had already raised private equity over $1 billion so far to
purchase properties from DLF.
Last year, it had raised $400 million from global investing firm D E Shaw.

DLF/BSE Rs 198.60
NSE Rs 185.50