In a filing to the BSE, DLF informed that shareholders nod has been sought through postal ballot for reducing borrowing power of the company's board of directors to Rs 30,000 crore from earlier Rs 50,000 crore.
To augment long term resources for business needs, DLF said the shareholders consent has been sought to authorise the Board to offer NCDs (Non-Convertible Debentures) in one or more tranches up to Rs 5,000 crore through private placement on preferential basis.
In two separate special resolutions, DLF proposed to obtain members' nod to enable the Board to borrow money up to Rs 30,000 crore, excluding temporary loans from the company's bankers in the ordinary course of business, and also secure these borrowings by creating charge/mortgage on assets.
In April 2006, the shareholders had approved borrowing over and above the aggregate of paid-up share capital and free reserves provided the total amount, together with that already borrowed and outstanding at any point of time, does not exceed Rs 50,000 crore.
DLF has also approached shareholders for their consent to invest up to Rs 20,000 crore in its subsidiaries, joint ventures and associates as the amount is higher than the limits specified in the Section 186 of the Companies Act.
"The company operates some of its businesses through subsidiaries, joint ventures, affiliates and associates. The funding obligation of such subsidiaries, JVs and associates are funded primarily out of the company's cash-flows," DLF said in the postal ballot notice.
The completed postal ballot forms should reach the company by September 5, 2014.
DLF has a total developable potential of 307 million sq ft, of which 57 million sq ft area is under construction.
Last week, DLF reported 29 per cent fall in consolidated net profit at Rs 127.77 crore during the first quarter of this fiscal, compared with Rs 181.19 crore a year-ago.
For the last fiscal, DLF had posted net profit of Rs 646 crore on a turnover of Rs 9,790 crore.