28 Aug '17, 7am

Singapore foray into Indian property is a vision thing

Singapore's sovereign wealth fund is buying one-third of the rental property unit of India's largest developer. The $1.4 billion investment will be viewed as a turnaround moment in the country's debt-laden real-estate business. But it also points to the industry's biggest challenge: poor sales. Possible DLF debt-to-equity ratio after deal 33% GIC Pte's check will give the controlling shareholders of DLF Ltd. as much as $1.9 billion. They plan to plow back the bulk of this windfall into the flagship as fresh equity. To that, add a share sale to other investors -- probably a rights offer -- and the beleaguered builder's net debt-to-equity ratio would fall from 102 percent at the end of March to 33 percent, according to HDFC Securities. Singapore Steps In DLF, India's No. 1 builder by market value, wants its $4 billion net debt to vanish; controlling shareholders are raising ...

Full article: https://www.bloomberg.com/gadfly/articles/2017-08-28/sing...

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