DLF

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Ujjaini Dutta

BENGALURU, May 14 (Reuters Breakingviews) - Artificial intelligence may be cutting jobs in India but its office leasing market is enjoying a temporary reprieve. Investors piled into the latest initial public offering of a Blackstone-backed BX.N real estate investment trust in Bengaluru, the outsourcing hub that hosts one quarter of the country's office stock. Units of Bagmane Prime BAGM.NS - whose tenants include Amazon AMZN.O, Alphabet's GOOGL.O Google and Samsung 005930.KS - opened up 4% on their debut on Thursday. Tight supply of commercial space will keep vacancies low and rents firm for a while yet in the $190 billion market.

India's offices logged record quarterly leasing volume at 30 million square feet for the three months to March, up 6% year-on-year, according to Knight Frank, nearly one-third of the record annual gross leasing volume of 83 million square feet in 2025. Sophisticated back offices of multinational companies, also known as global capability centres, accounted for 40% of last year's demand. Overall vacancy rates remain low at 14% and landlords across key cities such as Bengaluru and Hyderabad have seen rents increase by as much as 8% year-on-year.

But Bagmane's prospectus for its $357 million offering notes that AI-led workforce restructuring is prompting tenants to reassess space requirements: GCC headcount in India is expected to grow 7% a year through March 2030, a sharp slowdown from an 11% annual pace in the previous decade and a half, according to industry body Nasscom and JLL Research.

The comfort is that new completions for the quarter ended March 2025 were barely half of the space absorbed during the same period. What's more, companies spend heavily on fitting out offices so they can be slow to reduce their office space even after they shrink headcount. Bagmane's well-located portfolio in what it calls the "world's best performing micro-markets", including Bengaluru's highly-sought after Outer Ring Road, will offer a further cushion in the event of any slack in demand.

For now, India's leading publicly traded REITs are doing well. Embassy Office Parks EMBA.NS, Mindspace Business Parks MINS.NS and Brookfield India BROF.NS have outperformed the benchmark Nifty 50 stock Index .NSEI and local developer DLF DLF.NS by up to 26 and 35 percentage points over the past one year. Investors, though, will be watching closely for any sign the balance is shifting from landlords to renters.

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CONTEXT NEWS

Units of Blackstone-backed Bagmane Prime Office opened up 4% on May 14 following the real estate investment trust's initial public offering. The deal was nearly 24 times subscribed as of May 7, National Stock Exchange data showed.

The offering worth 34.05 billion rupees ($357 million) comprised new units worth 23.9 billion rupees and existing units 10.15 billion rupees by the selling unitholder, Blackstone.

(Editing by Una Galani; Production by Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on DUTTA/[email protected]))

May 13 (Reuters) - DLF Ltd DLF.NS:

• DLF Q4 CONSOL NET PROFIT 12.69 BILLION RUPEES

• DLF Q4 CONSOL REVENUE FROM OPERATIONS 18.14 BILLION RUPEES

Further company coverage: DLF.NS

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March 20 (Reuters) -

• RELATED ENTITES TO INVESTMENT FIRM BAILLIE GIFFORD SOLD 3 MILLION SHARES IN DLF VIA BLOCK DEALS - BSE DATA

• BEST INVESTMENT CORPORATION SOLD 1.3 MILLION SHARES IN DLF VIA BLOCK DEALS - BSE DATA

Further company coverage: DLF.NS

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March 4 (Reuters) - DLF Ltd DLF.NS:

• DLF LTD - SUPREME COURT DIRECTS INQUIRY IN DLF HOME DEVELOPERS CASE ON FEB 25, 2026

• DLF LTD - MATTER IS PRESENTLY SUB JUDICE BEFORE SUPREME COURT

• DLF LTD - DLF HOME DEVELOPERS PROVIDED POSSESSION OF 624 APARTMENTS WITH WATER AND ELECTRICITY IN 2017

Source text: ID:nBSE1M4r4b

Further company coverage: DLF.NS

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Feb 13 (Reuters) - DLF Ltd DLF.NS:

• DLF LTD - NCLT APPROVES MERGER OF TWO COMPANIES WITH DLF HOME DEVELOPERS

Source text: ID:nBSE9YDH0g

Further company coverage: DLF.NS

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Feb 3 (Reuters) - DLF Ltd DLF.NS:

• DLF LTD - SIGNS BUSINESS TRANSFER AGREEMENT WITH MAKALU AND SRIJAN

• DLF LTD - SIGNS AGREEMENT TO SELL 17.75 ACRES OF LAND TO GANGAPURNA PROJECTS

• DLF - DEAL FOR SALE OF IT/ITES SEZ UNDERTAKING FOR 4.1 BILLION RUPEES

• DLF LTD - LAND SALE TO GANGAPURNA IS FOR 2.60 BILLION RUPEES

Source text: ID:nBSE2RbdGc

Further company coverage: DLF.NS

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Jan 22 (Reuters) - DLF Ltd DLF.NS:

• Q3 CONSOL NET PROFIT 12.03 BILLION RUPEES

• Q3 CONSOL REVENUE FROM OPERATIONS 20.20 BILLION RUPEES

Source text: ID:nBSEbMvDnS

Further company coverage: DLF.NS

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MUMBAI, Dec 17 (Reuters) - India's DLF Cyber City Developers has accepted bids worth 10 billion rupees ($110.72 million) for bonds maturing in four years and six months, two bankers said on Wednesday.

The company will pay a coupon of 6.98% on this issue, and had invited bids from bankers and investors on Tuesday, they said.

The issue will have a call option three months before the bond's maturity.

The company did not respond to a Reuters email seeking comment.

Here is the list of deals reported so far on December 17:

*Size includes base plus greenshoe for some issues

($1 = 90.3150 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)

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Aug 4 (Reuters) - DLF Ltd DLF.NS:

• DLF Q1 CONSOL NET PROFIT 7.63 BILLION RUPEES

• DLF Q1 CONSOL REVENUE FROM OPERATIONS 27.17 BILLION RUPEES

Source text: ID:nBSE95xKh5

Further company coverage: DLF.NS

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By Dhwani Pandya

MUMBAI, July 17 (Reuters) - India's largest property developer DLF DLF.NS expects to review offers from potential partners, as it works on a project to build luxury flats in a slum area of Mumbai that marks its return to the city, it said on Thursday.

DLF left Mumbai more than a decade ago, when it sold off land to reduce debt and turned its focus to New Delhi and regions around the capital.

It had since become one of India's largest luxury property developers, building premium and super-luxury projects.

A major issue in Mumbai is a shortage of land, which the developers say means the only option is to redevelop slum areas and old apartment buildings, where they provide existing tenants with improved property in exchange for land they develop.

"I can’t say, give me clear, clean land, then I will operate," Aakash Ohri, joint managing director at DLF, told Reuters.

In 2023, DLF decided to return to Mumbai by partnering with Trident Realty Group. On Thursday, it announced it was building a mid-range premium residential project, named "Westpark," based on providing improved accommodation for the existing tenants.

They will get flats of around 300-350 square feet, with modern bathrooms and facilities, while the luxury apartments are three-bedroom and four-bedroom apartments of (1,100-1,500 sq. ft.), priced between $464,593 and $929,186.

DLF is aiming to build the first four 37-storey towers, with more than 65 lifestyle amenities by 2029 and expects a turnover of $267 million from the project's first phase.

Ohri said DLF has received nearly 20 proposals, mainly redevelopments from companies interested in working with it.

Vishal Damani, CEO of DLF's metro cities projects, said the proposals would be assessed and that the company preferred to partner with local developers to manage tasks such as tenant rehabilitation, while it focuses on development.

(Reporting by Dhwani Pandya; editing by Barbara Lewis)

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July 11 (Reuters) - DLF Ltd DLF.NS:

• UPDATE ON ONGOING LITIGATION BETWEEN COMPANY, HUBTOWN LIMITED, CHINSHA PROPERTY, OTHERS

• PARTIES ENTER CONSENT TERMS FOR FULL AND FINAL SETTLEMENT

• TWENTY FIVE DOWNTOWN REALTY TO PAY SETTLEMENT TO CO OVER 24 MONTHS, 1 BILLION RUPEES RECEIVED

Source text: ID:nBSE8b8V5F

Further company coverage: DLF.NS

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June 18 (Reuters) - Indian real estate developer DLF DLF.NS logged sales of $1.3 billion by selling out one of its luxury housing projects near the country's capital, it said on Wednesday, underscoring continuing demand for premium and luxury apartments by deep-pocketed buyers.

DLF Privana North in Gurugram - whose offerings include four bedroom apartments and penthouses - fetched India's largest developer 110 billion rupees ($1.3 billion) within just a week, it said.

That is in touching distance to the record $1.4 billion that DLF said it amassed from selling units of another luxury project "The Dahlias".

DLF, like many other Indian real estate developers, have benefitted from rich Indians increasingly splurging on premium items that range from cars and watches to apartments and even bathrooms.

($1 = 86.2975 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Janane Venkatraman)

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** India’s DLF DLF.NS climbs 4.6% to 771 rupees

** Set for fifth straight session of gains

** Realtor's consolidated net profit jumps 39% Y/Y on strong demand for its luxury offerings

** Despite no significant launches in the quarter, DLF's pre-sales were above estimates, says Jefferies

** DLF maintains a "robust" pipeline of projects, including key upcoming launches such as Privana Phase 3 in Goa and Mumbai, that will significantly contribute to its sales momentum, say JP Morgan analysts

** Avg rating on DLF, rivals Sobha SOBH.NS and Prestige Estates Projects PREG.NS at "buy" - data compiled by LSEG

** YTD, all three stocks record fall - DLF 6.7% vs PREG 14% and SOBH 13%. Realty index .NIFTYREAL down 11.4%

(Reporting by Kashish Tandon in Bengaluru)

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May 19 (Reuters) - DLF Ltd DLF.NS:

• DLF Q4 CONSOL NET PROFIT 12.82 BILLION RUPEES; IBES PROFIT EST. 7.07 BILLION RUPEES

• DLF Q4 CONSOL REVENUE FROM OPERATIONS 31.28 BILLION RUPEES; IBES EST. 23.6 BILLION RUPEES

• DIVIDEND OF 6 RUPEES PER SHARE

Source text: ID:nnAPN2TRJ5Z

Further company coverage: DLF.NS

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April 16 (Reuters) - DLF Ltd DLF.NS:

• ENTERS AGREEMENT TO SELL KOLKATA IT/ITES SEZ LAND

• SALE CONSIDERATION APPROXIMATELY 6.93 BILLION RUPEES

Source text: ID:nBSE5sLhNb

Further company coverage: DLF.NS

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** India's top real estate firm DLF DLF.NS climbs as much as 2% to 710.05 rupees following meeting with analysts on Friday

** DLF management estimates doubling rental income to 100 bln rupees ($1.16 bln) by FY30, raises dividend payout ratio to 50%, expects to bring net debt to zero by FY30, brokerages say

** Retail income doubling and strong cash flow generation should make DLF attractive for long-term investors - Jefferies

** Analysts at Motilal Oswal see healthy pre-sales collections for co, large land bank to support long-term growth, steadily growing rental income and reduction in debt as key positives

** BofA analysts say co's growth outlook for the residential projects portfolio is strong

** DLF sees 10%-12% annual price increase in Gurugram, analysts at BofA added

** Stock down ~16% YTD

($1 = 85.9510 Indian rupees)

(Reporting by Manvi Pant in Bengaluru)

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Repeats for early India readership. No change to text.

Feb 18 (Reuters) - Elon Musk's Tesla TSLA.O is looking to hire senior staff in India, job advertisements posted this week showed, signalling progress in the electric vehicle maker's plans to enter the world's third-biggest auto market.

The postings come less than a week after Musk's meeting with Indian Prime Minister Narendra Modi in Washington.

Tesla did not immediately respond to a Reuters request for comment.

Tesla has for years planned an India market entry and even setting up of local manufacturing. Some executives were hired around 2022, though some top-level people quit the company after Tesla put its India plans on hold back then.

With the automaker again scouting for showroom space in India since late last year, it has now listed 13 jobs on its website and social media platform LinkedIn for various customer-facing and back-end roles based in Mumbai, India's financial capital.

Among them is a "store manager" role responsible for overseeing and driving sales at the location, one job listing showed, a sign that Tesla is looking to open a showroom in the city. Delivery operations and customer support specialists are also being sought, the ads showed.

The listings come just after Modi met Musk in the United States last week, and discussed issues including space, mobility, technology, and innovation.

Musk has long criticised India for having high import tariffs of around 100% on EVs, and his company has repeatedly lobbied to relax them. The move, however, has faced opposition from local automakers who think Tesla's entry can hit their EV plans.

Last year, Musk was set to meet Modi during a trip to India where he was expected to announce a potential $2 billion-$3 billion investment, but the visit was called off after Tesla decided to lay off 10% of its global workforce amid declining sales.

In November, Reuters reported that Tesla was also scouting for showroom space in the country's capital city of New Delhi, and was in early stage talks with real estate developer DLF DLF.NS to help secure a location.

(Reporting by Indranil Sarkar in Bengaluru and Aditya Kalra; Editing by Muralikumar Anantharaman)

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Feb 18 (Reuters) - Elon Musk's Tesla TSLA.O is looking to hire senior staff in India, job advertisements posted this week showed, signalling progress in the electric vehicle maker's plans to enter the world's third-biggest auto market.

The postings come less than a week after Musk's meeting with Indian Prime Minister Narendra Modi in Washington.

Tesla did not immediately respond to a Reuters request for comment.

Tesla has for years planned an India market entry and even setting up of local manufacturing. Some executives were hired around 2022, though some top-level people quit the company after Tesla put its India plans on hold back then.

With the automaker again scouting for showroom space in India since late last year, it has now listed 13 jobs on its website and social media platform LinkedIn for various customer-facing and back-end roles based in Mumbai, India's financial capital.

Among them is a "store manager" role responsible for overseeing and driving sales at the location, one job listing showed, a sign that Tesla is looking to open a showroom in the city. Delivery operations and customer support specialists are also being sought, the ads showed.

The listings come just after Modi met Musk in the United States last week, and discussed issues including space, mobility, technology, and innovation.

Musk has long criticised India for having high import tariffs of around 100% on EVs, and his company has repeatedly lobbied to relax them. The move, however, has faced opposition from local automakers who think Tesla's entry can hit their EV plans.

Last year, Musk was set to meet Modi during a trip to India where he was expected to announce a potential $2 billion-$3 billion investment, but the visit was called off after Tesla decided to lay off 10% of its global workforce amid declining sales.

In November, Reuters reported that Tesla was also scouting for showroom space in the country's capital city of New Delhi, and was in early stage talks with real estate developer DLF DLF.NS to help secure a location.

(Reporting by Indranil Sarkar in Bengaluru and Aditya Kalra; Editing by Muralikumar Anantharaman)

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Feb 1 (Reuters) - Shares of Indian real estate companies rose on Saturday after the government announced measures to boost the spending power of the middle class in Asia's third-biggest economy, likely spurring investments in the residential housing space.

India's plan to cut income tax rates in the 2025-26 budget was widely welcomed by investors and experts, as it boosts disposable income in a country grappling with sluggish consumption in recent quarters.

The Nifty realty index .NIFTYREAL rose 3.3% and was set for its best day in nearly eight months.

Eight of the ten members in the sub-index were trading higher, with realtors Prestige Estates PREG.NS, DLF DLF.NS and Sobha SOBH.NS climbing between 2% and 6%.

"This move is expected to strengthen demand for affordable housing," said Anuj Puri, chairman of ANAROCK Group.

Middle-class homebuyers, landlords, and investors can now benefit from reduced tax liabilities, better affordability, and fewer compliance hassles, Puri added.

Badal Yagnik, CEO of Colliers India, also echoed the sentiment and said the rationalization of taxes and enhancement of exemption limits can boost disposable income, spurring consumption levels and real estate investments, particularly in residential real estate and alternate financial instruments such as REITs.

The government also made room for homeowners to claim two self-occupied properties as tax-free, as compared to only one earlier, a move likely benefiting residential real estate investment.

This step minimizes tax pressures, promotes homeownership, and facilitates real estate investment, especially in second homes and Tier 2 and 3 cities, Puri said.

Other consumption-linked sectors were also trading higher on the day after the cut to income tax.

(Reporting by Indranil Sarkar and Kashish Tandon in Bengaluru; Editing by Eileen Soreng)

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By Dhwani Pandya

MUMBAI, Jan 27 (Reuters) - India's DLF said on Monday it would take more than four years to build its $4 billion ultra-luxury project near New Delhi and that Indians living abroad were joining locals in snapping up apartments in one of the country's priciest developments ever.

DLF DLF.NS is targeting buyers as a rise in wealthy Indians has created not just a rush for high-end homes but also for Mercedes and Lamborghini cars, watches and even luxury bathrooms, trends that are emblematic of India's divides as hundreds of millions still depend on government food handouts.

Around 173 of the 420 units on offer have already been sold at $8 million each, and the $4 billion project is effectively being priced at $742 per square feet, DLF says. That compares to an average 2024 apartment price of $817 per square feet in the Burj Khalifa in Dubai, according to Knight Frank.

Apartments will be handed over as bare shells to customers who will spend more to design them internally, and will take more than four years to build, Aakash Ohri, chief business officer for DLF, said in an interview, detailing the plans for the first time.

In India, the "luxury market has just begun ... After Delhi, Mumbai should be a good market to be around in the luxury space," said Ohri.

DLF, India's biggest real estate developer, has historically focused on markets near New Delhi.

Sales of ultra-luxury homes, which Anarock Property Consultants classifies as those priced above $4.6 million in India, in 2024 rose 17%.

Early demand for the project took DLF's sales bookings for April-December to $2.2 billion, the company said on Friday, above its own full fiscal-year outlook of around $2 billion.

The new project will offer a so-called "lake park", which will have cascading lakes, cinemas, an on-call chef and indoor sports facilities, Ohri said.

Ohri said that 12% of the 173 units sold were booked by non-resident Indians (NRIs).

"NRIs don't want to compromise on their living in India ... They are living in estates and plush homes all over the world. And they feel that India should be no less," he said.

(Reporting by Dhwani Pandya. Editing by Aditya Kalra and Mark Potter)

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Jan 24 (Reuters) - DLF Ltd DLF.NS:

• LUXURY PROJECT THE DAHLIAS IN DLF 5 GOT 118.16 BILLION RUPEES OF NEW BOOKINGS IN OPENING QUARTER

Source text: [ID:]

Further company coverage: DLF.NS

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By Aditi Shah and Aditya Kalra

NEW DELHI, Dec 10 (Reuters) - Elon Musk's Tesla has resumed its search for showroom space in New Delhi, two sources told Reuters, in the first sign it is rethinking entering the Indian market after putting its investment plans on hold earlier this year.

Musk said in April he would meet Indian Prime Minister Narendra Modi during a trip where he was to potentially announce an investment of $2-3 billion in India. However, he called off his visit at the last moment after Tesla decided to sack 10% of its staff amid falling sales.

Tesla TSLA.O, which had paused its search for a showroom in India in recent months, is now in early-stage talks with DLF DLF.NS to help secure space in the capital region, said the two sources, who have direct knowledge of the situation.

A third source said it is not certain that Tesla's talks with India's biggest property developer will lead to a deal and the electric vehicle giant is also in discussions with others.

Tesla and DLF did not respond to requests for comment.

One of the sources said Tesla is looking for 3,000 to 5,000 square feet (280-465 square metres) to create a consumer experience centre as well as a space three times larger for its delivery and service operations.

Tesla is evaluating multiple locations including DLF's Avenue Mall in southern Delhi and the Cyber Hub office and retail complex in nearby Gurugram city, the source added.

Foreign retailers including Japan's Uniqlo 9983.T, Spain's Mango and Britain's Marks and Spencer MKS.L also have outlets in the Avenue Mall, where Tesla is looking to secure an 8,000 square feet showroom space, the second source said.

Tesla's search is still "exploratory" and nothing has been finalised, the first source said.

It was not immediately clear whether Tesla will consider importing cars at the tax rate of as high as 100% or if it will make investment commitments under India's new policy, which would allow it to import certain EVs at a lower rate of 15%.

After Tesla did not deliver on earlier investment plans, India's government is trying to relax certain provisions of its policy to attract automakers such as Hyundai Motor 005380.KS and Toyota 7203.T which have expressed initial interest.

India's EV market is small, making up about 2% of total car sales of 4 million last year, but the government wants to increase the share to 30% by 2030.

Tesla's showroom hunt comes as Musk's Starlink is also considering entering India after winning a lobbying battle against billionaire Mukesh Ambani over how New Delhi should allocate spectrum for the service.

(Reporting by Aditi Shah and Aditya Kalra; Editing by Alexander Smith)

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Dec 3 (Reuters) - DLF Ltd DLF.NS:

• APPOINTS BADAL BAGRI AS GROUP CFO EFFECTIVE DEC 6, 2024

• ASHOK KUMAR TYAGI TO CONTINUE AS MANAGING DIRECTOR

Source text: ID:nBSE5HW4f1

Further company coverage: DLF.NS

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Nov 29 (Reuters) - DLF Ltd DLF.NS:

• SUBSIDIARY ENTERED INTO AGREEMENT TO SELL AND TRANSFER ITS KOLKATA TECH PARK BUSINESS

• DEAL FOR 6.37 BILLION RUPEES

Source text: ID:nBSE7tSTRZ

Further company coverage: DLF.NS

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** Shares of Indian real estate firm DLF DLF.NS climb 3% to 799 rupees

** Co posted 24% rise in Q2 consol adjusted profit, 47% jump in revenue

** DLF top gainer in Nifty realty index .NIFTYREAL, which is flat

** YTD stock had risen 11%

(Reporting by Hritam Mukherjee in Bengaluru)

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Oct 25 (Reuters) - DLF Ltd DLF.NS:

• DLF Q2 CONSOL NET PROFIT 13.81 BILLION RUPEES

• DLF Q2 CONSOL REV FROM OPS 19.75 BLN RUPEES

Source text for Eikon: [ID:]

Further company coverage: DLF.NS

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** Shares of real estate developer DLF DLF.NS rise 2% to 867 rupees

** Stock among top gainers on Nifty realty index .NIFTYREAL, which is up 0.03%

** Co to launch ultra-luxury "Dahlias" project in Gurugram; to be the most-expensive residential real estate project in India, MoneyControl reports

** The project has a revenue potential of around 340 bln rupees ($4 bln), report says, citing PropEquity

** Co did not immediately reply to Reuters' request for comment

** DLS is among eight of 10 "buy" rated stock on the realty index - LSEG data

** Median PT on the stock from 15 brokerages is 940 rupees - LSEG data

** Stock up 20% so far this year vs a ~35% gain in the realty index

($1 = 83.9360 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru)

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MUMBAI, Sept 26 (Reuters) - India's DLF Cyber City Developers has accepted bids worth 5 billion rupees ($59.8 million) for bonds maturing in three years, two bankers said on Thursday.

The company will pay an annual coupon of 8.12% on this issue, and had invited bids from bankers and investors on Wednesday.

Here is the list of deals reported so far on Sept. 26:

* Size includes base plus greenshoe for some issues

($1 = 83.6420 Indian rupees)

(Reporting by Dharamraj Dhutia
Editing by Eileen Soreng)

(([email protected]))

MUMBAI, Sept 17 (Reuters) - India's DLF Cyber City Developers has accepted bids worth 6 billion rupees ($71.67 million) for bonds maturing in 9 years, 11 months and 13 days, according to two bankers.

The company has offered a coupon of 8.10% on the notes. The coupon will rise by 25 basis points if the credit rating slips by a notch.

It had invited bids for the issue earlier in the day.

The bond issue has a put and a call option at the end of every three years until maturity.

Axis Bank is the anchor investor for the issue and will buy 1.8 billion rupees, the term sheet showed.

In January, DLF Cyber City Developers had raised 6.20 billion rupees via bonds maturing in three years and five months at a coupon of 8.40%.

Here is the list of deals reported so far on Sept. 17:

* Size includes base plus greenshoe for some issues

($1 = 83.7150 Indian rupees)

(Reporting by Bhakti Tambe and Dharamraj Dhutia)

(([email protected]))

MUMBAI, Sept 12 (Reuters) - India's DLF Cyber City Developers plans to raise 6 billion rupees ($71.48 million) through bonds maturing in 9 years, 11 months and 13 days and has invited bids on Tuesday, according to a term sheet seen by Reuters.

The company has offered a coupon of 8.10% on the notes.

The coupon will rise by 25 basis points if the credit rating slips by a notch, according to the term sheet.

The bond issue has a put and a call option at the end of every three years until maturity.

Axis Bank is the anchor investor for the issue and will buy 1.8 billion rupees, the term sheet showed.

In January, DLF Cyber City Developers had raised 6.20 billion rupees via bonds maturing in three years and five months at a coupon of 8.40%.

Here is the list of deals reported so far on Sept. 12

*Size includes base plus greenshoe for some issues

($1 = 83.9350 Indian rupees)

(Reporting by Bhakti Tambe; Editing by Mrigank Dhaniwala)

(([email protected]))