DLF transfers Gurugram land parcel worth $47m to JV with GIC

Photo: Pradeep Gaur/Mint

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.

 

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.