DLF gets apex court nod to raise Rs 12,000 cr
Posted on 5th November 2015 |
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Real estate major DLF can now work to its plan and raise Rs 12,000 crore by selling the promoters’ stake in its rental arm DLF Cyber City Developers. The Supreme Court on Wednesday refused to stay the company’s proposed move to raise money through stake sale. The Securities and Exchange Board of India (Sebi) had moved the apex court, seeking to restrain DLF from selling its stake. The bench, headed by J Chellameshwar, was not convinced about the regulator’s October 2014 order barring DLF and its top executives from such transactions, according to agencies. |
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DLF posts 21% rise in second-quarter profit
Posted on 4th November 2015 |
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DLF Ltd , India's biggest listed property developer, posted a 21% jump in quarterly profit on lower costs even as home sales are slow to pick up in a recovering economy. The New Delhi-based company earned 1.32 billion rupees ($20.1 million) for the quarter ended September 30, compared with 1.1 billion rupees last year. |
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Sebi moves SC against DLF's plan to raise money
Posted on 16th October 2015 |
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The Securities and Exchange Board of India (Sebi) has moved the Supreme Court, seeking a restraint order on the plans of realty major DLF to monetise its rental properties. The court has admitted the application and listed it for hearing on October 30. Last week, debt-laden DLF had said some promoter group entities planned to sell about 40 per cent stake in DLF Cyber City Developers, the company holding its rental assets, to third-party investors. The transaction was to raise Rs 12,000-14,000 crore. |
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DLF plans to derisk with pre-sale project completion
Posted on 13th October 2015 |
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NEW DELHI: DLF Ltd could be looking at a new business model where it will build and complete residential projects before selling apartments in them once the deal by its promoters to sell 40% stake in the company's rental arm for Rs 12,000-14,000 crore goes through, two people with knowledge of plans said. DLF had said last week that the promoters would reinvest a substantial amount of money from selling their stake in DLF Cyber City Developers (DCCDL) back into the company after paying tax and other charges. |
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DLF: Deleveraging steps continue
Posted on 12th October 2015 |
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The sale of promoter stake in DLF’s rental subsidiary and investments of the proceeds in reducing debt is a positive move. Promoter’s have 40% stake in the rental subsidiary, DLF Cycber City Developers or DCCDL while DLF holds the rest. DLF board last week had accepted the audit committee’s report that the promoters sell their holdings in DCCDL to third party institutional investors. |
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DLF promoters to sell 40% in rental arm
Posted on 9th October 2015 |
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K P Singh and his family, promoters of India’s largest real estate company, DLF, will sell their 40 per cent stake in the company’s rental arm, DLF Cyber City Developers Ltd (DCCDL), to institutional investors. The stake is estimated to be worth Rs 12,000-14,000 crore. A decision on the matter was taken at a meeting of the company’s board on Thursday, based on the recommendations of a committee set up to suggest ways to drive growth in the rental business. The business accounts for annual income of about Rs 2,400 crore. |
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DLF figures out recovery path
Posted on 30th September 2015 |
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This year could turn out to be a watershed for the country's largest real estate developer, DLF, as it seeks to monetise its huge portfolio of residential and commercial property to raise funds, which will enable it to reduce its debt (Rs 21,600 crore at the end of June) and tackle the slowdown. All told, the company wants to mop up Rs 10,000 crore from strategic sale to private equity. Earlier this month, DLF announced that it will set up an equally-owned venture with GIC, Singapore's sovereign wealth fund, to develop two residential projects in New Delhi. |
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CNX Realty index up 5%; DLF, HDIL surge 8%
Posted on 3rd September 2015 |
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Shares of real estate companies have rallied by up to 8% on the bourses after falling sharply in past couple of months. DLF, Housing Development and Infrastructure (HDIL), Indiabulls Real Estate, DB Realty and Oberoi Realty are up between 5%-8% while Unitech, Godrej Properties, Sobha, Delta Corp, Ashiana and NBCC have gained between 1%-4%. |
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Singapore's GIC to invest $300 million in JV with DLF
Posted on 2nd September 2015 |
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Singapore wealth fund GIC will invest about Rs 1,990 crore ($300 million) in a new joint venture with real estate developer DLF that will build two projects in the Indian capital New Delhi, the two firms said in a joint statement. The deal is one of several by GIC in India this year, after its investments in Bandhan Financial Services, which is setting up one of the country's two newest banks, and online taxi-hailing company Ola. |
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DLF stock rises nearly 5% after CCI rejects complaint
Posted on 27th August 2015 |
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Realty major DLF's stock jumped nearly 5% on Thursday after the anti-trust regulator CCI rejected allegations of anti-competitive practices made against the company related to a project in the national capital. After opening at Rs 113.55, the stock climbed to a day's high of Rs 116.05, up 4.88% from Wednesday's close. |
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