Indian realty major DLF Ltd has transferred a 3.05 acre land parcel near Mall of India, Gurugram worth Rs 330 crore to its joint venture with Singapore sovereign wealth fund GIC, the company said in its latest analyst presentation.
The company is also in the process of handing over a 2 million sq ft Noida shopping mall to the joint venture, DLF Cyber City Developers Ltd (DCCDL), at a valuation of Rs2,950 crore to settle dues.
DLF owed Rs8,700 crore to DCCDL as on 31 December, 2018. Post these transactions, the company’s outstanding dues would reduce to Rs5,450 crore, the presentation added.
In August 2017, the promoters had sold the entire 40 per cent stake in rental arm DCCDL for Rs11,900 crore and proposed to invest proceeds into DLF. The deal included sale of 33.34 per cent stake in DCCDL to GIC for Rs8,900 crore and buyback of remaining shares worth Rs3,000 crore by DCCDL.
DLF currently holds 66.66 per cent in DCCDL.
To settle the balance dues, DLF has proposed to sell its stake in its prime commercial project Horizon Centre in Gurugram, Haryana for about Rs850 crore by Q1 FY20. It also plans to transfer DLF Place in Saket, New Delhi for Rs 1,050 crore.
An additional Rs1,000 crore is proposed to be settled through transfer of DLF’s commercial land in Chennai, and Rs1,100 crore would be settled as per the previous contract with group firm DLF Assets Ltd.
DLF would identify additional assets for settling the remaining Rs 1,450 crore worth of dues.
Meanwhile, GIC offloaded shares worth $186 million (Rs 1,298 crore) in DLF in April this year. It sold 6.8 crore shares of the Indian realtor at Rs 191.01 per share through an open market transaction. The Singapore wealth fund held about 7.32 crore shares, equivalent to a 4.11 per cent stake, in DLF as on December 31, 2018.