New Delhi: India's largest real estate developer DLF is making a whopping Rs 1.3 crore a day merely by investing its IPO money in mutual funds.
Out of the Rs 9,000 crore raised from its IPO, the realty major has parked more than Rs 7,000 crore in liquid funds.
Reliance and ICICI Prudential have each got an inflow of Rs 1,500 crore into their debt funds. Another Rs 1,000 crore has gone into the liquid schemes of Deustche AMC. Liquid funds of mutual funds like ABN Amro, UTI, Kotak and Birla Sun Life have also garnered Rs 300-500 crore each.
Company officials say that they are in the process of deploying this money for their business plans. Until then, this money will sit with mutual funds and liquid funds giving returns of about 7.5 per cent, this IPO corpus will earn DLF a solid 1.3 crore rupees a day.
After swinging in and out of the Rs 1 trillion club for days after its listing, realty major DLF finally achieved the feat Thursday, becoming the ninth firm and the first listed realtor to do so.
"Investors have faith and confidence in DLF and they are reaping benefits," DLF Chief Finance Officer Ramesh Sanka said.
The realty major will announce its June quarter results on July 19. DLF has pushed back ICICI bank, which had crossed the Rs one-trillion mark recently, to the ninth place in terms of market cap.
With excerpts from a moneycontrol.com report
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