MUMBAI, Nov 30 (Reuters) – India’s DLF Ltd (DLF.NS) is mulling its first sale of bonds in three years amid a revival within the nation’s actual property market, three service provider bankers mentioned on Thursday.

“The company is engaging with investors and bankers for a bond issue but it has not firmed up any plans yet,” a banker with a personal lender mentioned, requesting anonymity as he’s not authorised to talk to media.

“It is difficult to pinpoint the exact timing (of the issue), as the talks are at a very basic stage,” the banker mentioned.

DLF might look to lift round 10 billion rupees ($120 million) via the bond problem however has but to obtain the board approval for its fundraising plan, the bankers mentioned.

The actual property firm might look to lift funds for 2 years to 5 years, they added.

DLF didn’t reply to a Reuters’ e mail looking for remark.

ICRA has assigned a ‘AA’ score to DLF’s bonds value 15 billion rupees.

The firm had final raised 5 billion rupees via the sale of three-year bonds at 8.25% annual coupon in March 2021.

DLF’s doubtless plan to return to the bond market comes at a time when India’s actual property sector is seeing a revival.

Housing gross sales in India’s prime seven cities rose 36% year-on-year within the July-September quarter, in accordance with actual property consultancy Anarock.

Shares of actual property companies have soared, with DLF up practically 68% year-to-date in contrast with a close to 11% acquire within the blue chip Nifty 50 index.

“The economy is picking up and so is the demand for real estate, which could lead to a rise in fundraising from more such players in the coming months,” one of many bankers mentioned.

($1 = 83.3030 Indian rupees)

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