Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Stock Report

| More

DLF Ltd settles amount owed to JV with GIC

Posted On: 2019-10-02 22:59:45

As a part of its strategy to consolidate its key rental assets within DLF Cyber City Developers Limited (DCCDL) platform and to settle the inter-company payables owed by DLF and its wholly-owned subsidiaries ("DLF Group") to DLF Cyber City Developers Limited and its wholly-owned subsidiaries ("DCCDL Group"), the interest of the DLF Group in certain commercial assets and land parcels allocated for commercial development was proposed to be transferred to the DCCDL Group.

The Inter-Company Payables (net of capital advances) to DCCDL Group as of the beginning of 2019 was in excess of Rs 8,700 crore, which had been reduced to Rs 5,541 crore by 30th June, 2019. We are pleased to inform you that the Inter-Company Payables have now been fully settled. This entails transfer of interest in the following assets from DLF Group to DCCDL:

(a) Shareholding in DLF Info Park Developers (Chennai) Limited, wholly-owned subsidiary (holding leasehold rights in land admeasuring 26.64 acres approx. at TIDEL Park, Chennai) having enterprise value of Rs. 1,000 crore);

(b) Shareholding & optionally convertible debentures in Nambi Buildwell Limited, whollyowned subsidiary (owning DLF Place, Saket, New Delhi) having enterprise value of Rs. 1,012 crore; and

(c) Shareholding and compulsorily convertible debentures (approx. 48.2% of the fully diluted capital) in Fairleaf Real Estate Private Limited, a joint venture company (owning One Horizon Center) having enterprise value of Rs. 1,700 crore.

This has been a major restructuring exercise and has now resulted in a larger alignment of the Group's rental assets under the DCCDL platform. We expect that pursuant to these transfers and consolidation of commercial assets, the DCCDL platform is positioned even more strongly to continue its growth journey.

The total settlement of receivables (net of values received for Transfer of shareholding / Dividend received from DCCDL and Other inter-company adjustments) will result in an increase in the company's Net debt by only Rs. 475 crores approx.

DCCDL continues to be 67:33 joint venture between the Company and Reco Diamond Private Limited (GIC, Singapore).

With the conclusion of the above, DLF has completed the final chapter of its balance sheet transformation.

Shares of DLF LTD. was last trading in BSE at Rs.144.25 as compared to the previous close of Rs. 155.7. The total number of shares traded during the day was 1418497 in over 7009 trades.

The stock hit an intraday high of Rs. 159.7 and intraday low of 133.9. The net turnover during the day was Rs. 205829622.

Source: Equity Bulls

Click here to send ur comments or to

Other Headlines:

JSW Steel Ltd raises Rs. 2000 crores through NCDs

Infosys Accelerates Digital Transformation for Enterprises with Oracle Cloud

IndoStar Capital Finance Limited updates on liquidity position

CARE places ratings of JSW Energy Ltd group on rating watch with negative implications

Patel Engineering Ltd allots 22,33,29,786 rights equity shares

Amber Enterprises India Ltd increases stake in Ever Electronics Pvt Ltd to 70%

Indiabulls Housing Finance Ltd issues offer to debenture holders of NCDs maturing in November, December for pre-mature redemption

LTI Constant Currency Revenue growth up 11.9% YoY

Patel Integrated Logistics Ltd board approves rights issue

Cipla acquires novel anti-infective Elores to further antimicrobial stewardship in critical care in India

I S T Ltd Board approves Sub-division of equity shares

CRISIL reaffirms long-term rating of Indiabulls Housing Finance Ltd

DIL Limited is now Fermenta Biotech Ltd

Jay Bharat Maruti Ltd Q2 consolidated PAT drops to Rs. 3.76 crore

Larsen & Toubro Infotech Ltd board declares first interim dividend of Rs. 12.50 for FY2019-20

Hero MotoCorp announces 5th edition of The Hero Campus Challenge

ZEE Entertainment posts strong performance in a challenging environment

Shemaroo Entertainment Ltd to raise Rs. 250 crores

Larsen & Toubro Infotech Ltd to acquire PowerupCloud

CARE A+ rating assigned to JMC Projects' NCD issue

Brickwork Ratings assigns credit ratings to Vikas EcoTech Ltd

Shemaroo Entertainment Ltd Q2 FY 2019-20 consolidated net profit at Rs. 19.49 crores

ZEE Entertainment Enterprises Ltd posts consolidate PAT of Rs. 413.23 crores in Q2

Larsen & Toubro Infotech Ltd Q2 consolidated PAT at Rs. 360.1 crore

Cyient Ltd announces Q2 FY2019-20 results

TVS Motor Company's EBITDA increased from 8.6% in Q2 of FY 2018-19 to 8.8% in Q2 of FY 2019-20

Mastek Ltd Q2FY20 Total Income at Rs 252.7 crore

Ind-Ra affirms India Glycols Ltd's long-term rating

AksharChem India Ltd announces shutdown of Vinyl Sulphone plant for repairs and maintenance

FDC Ltd to acquire 'ENTEROPLUS' from GlaxoSmithKline Pharmaceuticals Ltd

Only 17 Percent of Banks have Deployed Digital at Scale - Finds Infosys Finacle and Efma 'Innovation in Retail Banking' Report

Alicon Castalloy signs multi-year Contracts aggregating 810 crore with leading Global OEMs and Tier 1 Suppliers

PTron Launches advanced version of Dual Driver Earphones - Boom 3

SEAMEC PRINCESS on hire with Posh Subsea Pte Limited

Cyient Ltd board recommends interim dividend of Rs. 6 for 2019-20

South Indian Bank Ltd Q2 PAT higher at Rs. 84.48 crore

3I Infotech Ltd reports consolidated PAT of Rs. 13.35 crore in Q2

Automotive Stampings & Assemblies Ltd posts loss of Rs. 1.18 crore in Q2

Mastek Ltd Board approves Dividend of Rs. 3 for 2019-20

Pennar Industries bags orders worth INR 304 Crore

TVS Motor Company Ltd reports consolidated net profit of Rs. 253.57 crores in Q2

Chennai Petroleum Corporation Ltd Q2 loss at Rs. 213.64 crore

FORCE Motors Ltd reports Q2 FY 2019-20 net profit of Rs. 4.21 crore

MASTEK Ltd posts consolidated Q2 net profit of Rs. 24.64 crores

AMAL Ltd reports net profit of Rs. 2.35 crore in Q2 FY 2019-20

PVR Ltd Q2 consolidated PAT soars to Rs. 47.67 crores

Chartered Logistics receives award from JSW Cement

Home Credit India and Karur Vysya Bank tie up for an unique Joint Lending partnership

HCL Technologies selected as one of Volvo Cars' main suppliers for digital transformation and IT Services

NIIT recognised as 'Vocational & Skill Development Training Institute' at Franchise Awards 2019

Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019