In its report, shared with Business Standard, Veritas has said it does not believe the NTC Mill land in Mumbai is up for sale at present, as the DLF management wanted to hold on to it till 2013-14, when its ownership share in the properties would increase.
In March, Veritas had released a synopsis of its report on DLF to the media.
Without commenting on the Veritas report, Sriram Khattar, senior executive director, DLF, said: "As already disclosed in the third quarter (2011-12) analysts' presentation, we are in the process of divesting certain non-core assets, including Mumbai mill land, during the current financial year."
DLF is learnt to be in negotiation with several players at this point for selling the 17-acre plot in Mumbai.
Even as some analysts seemed to suggest DLF may not like to sell the prime land till the market recovered, others argued the developer needs to cut debt urgently and, therefore, may not be able to hold on to it for long.
The Mumbai land sale is part of DLF's plan to raise Rs 7,500 crore (Rs 75 billion) by March 2013 through non-core asset sales.
Its debt was Rs 22,758 crore (Rs 227.58 billion) as of December 31, 2011.
According to the Veritas report, DLF Cyber City Developers Ltd, a subsidiary of DLF, issued nine per cent compulsory convertible preference shares of Rs 1,597 crore (Rs 15.97 billion) to DLF's management, which are to be converted into common equity shares not later than five years from their date of issue.
Upon conversion, the management would own a 40 per cent stake in not only DLF Assets Ltd but also in DCCDL, which owns some of the most valuable land in India, including the NTC Mill land in Mumbai and 373
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