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Realtor DLF buys partner GIC’s 50% stake in JV DLF Urban for Rs.497-Cr

BSE Disclosure   Economic Times  

Publicly-listed real estate developer DLF Ltd, via its subsidiary, DLF Home Developers Ltd, has acquired the 49.99% stake held by Reco Greens (an affiliate of Singapore's sovereign wealth fund GIC) in their joint venture, DLF Urban Private Limited, for INR 496.73 crore.DHDL has acquired 46,39,607 equity shares of INR 10 each and 3,20,09,726 Series D CCDs of INR 140 each (constituting 49.997% of total paid-up shares and CCDs of DUPL) for INR 496.73 crore in cash. Post acquisition, the holding of DHDL in DUPL has increased to 100%. The acquisition value is based on the valuation reports issued by independent valuers Price Waterhouse & Co LLP, Jain Jindal & Co and Samarth Valuation Advisory LLP.