Latest News | DLF Buys 49.99 Pc Stake in DLF Urban from GIC Arm for Rs 497 Crore
Get latest articles and stories on Latest News at LatestLY. Realty major DLF has acquired a nearly 50 per cent stake in its arm DLF Urban Private Limited for Rs 497 crore from Singapore's Reco Greens.
New Delhi, Mar 25 (PTI) Realty major DLF has acquired a nearly 50 per cent stake in its arm DLF Urban Private Limited for Rs 497 crore from Singapore's Reco Greens.
With this deal, DLF will have a 100 per cent stake in DLF Urban, which has developed a luxury housing project in the national capital.
Reco Greens is an affiliated company of Singapore's sovereign wealth firm GIC.
In a regulatory filing on Tuesday, DLF informed that its subsidiary DLF Home Developers had "acquired 49.997 per cent of the total paid-up equity share capital and compulsorily convertible debentures held by Reco Greens Pte Limited in DLF Urban Private Limited, a subsidiary of DHDL (DLF Home Developers)".
A securities purchase agreement was executed on March 25 among DLF Home Developers, Reco Greens and DLF Urban.
Post this acquisition, the holding of DLF Home Developers in share capital of DLF Urban has increased from 50.003 per cent to 100 per cent.
Consequently, DLF Urban has become a wholly-owned subsidiary of DLF Home Developers and also of DLF Limited.
The cost of acquisition was Rs 496.73 crore.
DLF Urban is involved in the real estate industry and has developed a prestigious residential project called One Midtown, according to the filing.
DLF is among the country's largest real estate developers.
It has recently announced plans to invest Rs 40,000 crore to complete its ongoing housing projects and expand its portfolio of commercial properties.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)