1 min read.Updated: 03 Oct 2019, 11:04 AM ISTBidya Sapam
The transfer of these assets is part of a major restructuring exercise in the company to consolidate the group's rental assets under the DCCDL
At present, DLF holds 67% stake in DCCDL, while Reco Diamond Pvt Ltd, a part of Singapore’s sovereign wealth fund
Mumbai: DLF Ltd, India's leading real estate firm, said it has settled the entire ₹8,700 crore dues payable to DLF Cyber City Developers Limited (DCCDL), its joint venture with Singapore-based GIC, through transfer of certain commercial properties and land parcels in the group.
"We are pleased to inform you that the Inter-Company Payables have now been fully settled," the company said in an exchange filing. The transfer of these assets is part of major restructuring exercise in the company to consolidate the group's rental assets under the DCCDL, it said.
At 1100 am, shares of DLF traded at Rs148.70, up 3% from previous close. The Sensex was down 0.5% at 38,100.98 points.
At present, DLF holds 67% stake in DCCDL, while Reco Diamond Private Ltd, part of Singapore’s sovereign wealth, holds 33% share.
The Gurugram-based firm said the transaction involves transfer of its shareholding in DLF Info Park Developers Ltd having an enterprise value of ₹1000 crore. It currently has a 26.64 acre land in Chennai. The company also transferred the shareholding and optionally convertible debentures in Nambi Buildwell Ltd, that owns shopping mall DLF Place at Saket in New Delhi, at an enterprise value of Rs1,012 crore.
As part of the transaction, the company also transferred its shareholding and compulsorily convertible debentures (48.2% of the fully diluted capital) in Fairleaf Real Estate Pvt Ltd, a joint venture company that owns One Horizon Center commercial project in Gurugram, for an enterprise value of ₹1,700 crore.
"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," it added.
After the transaction, DLF said it has completed the final chapter of its balance sheet transformation.