LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

DLF board meet on Aug 25 to decide stake sale in rental arm

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Wed, Aug 23, 2017
09:39 am
PTI
RELATED NEWS
Monetary Policy announcements exhibit continuity and stability - Expert Ajay Bagga tells Anil Singhvi Monetary Policy announcements exhibit continuity and stability - Expert Ajay Bagga tells Anil Singhvi
RBI Monetary Policy Review: Shaktikanta Das led panel keeps policy rates unchanged RBI Monetary Policy Review: Shaktikanta Das led panel keeps policy rates unchanged
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here

Realty major DLF will hold a board meet on August 25 to decide on promoters' proposal to sell their 40 per cent stake in its rental arm to investment firm GIC in a deal estimated at around Rs 13,000 crore.

In October 2015, DLF had announced that its promoters -- K P Singh and family -- would sell their entire stake in the DLF Cyber City Developers Ltd (DCCDL), which holds the bulk of commercial assets of the group.

The promoters, who hold Compulsorily Convertible Preference Shares (CCPS) in DCCDL, had in March this year entered into an exclusivity pact with Singapore's sovereign wealth fund GIC to negotiate on this transaction.

In a regulatory filing, DLF informed that a meeting of the audit committee will be held on August 25 to "consider and review the status of the proposed sale of CCPS held by CCPS holders to a GIC affiliate including the key terms and conditions and make appropriate recommendations to the board".

"The board will in its meeting scheduled to be held later on August 25, 2017, consider the said recommendations and take appropriate decisions, as required," it added.

Last week, sources had said that both the parties could sign definitive agreement by end of this month.

Sources had earlier said the deal is likely to be valued at around Rs 12,000-13,000 crore.

The promoters would infuse a large portion of proceeds from this proposed deal into DLF, which in turn would use this amount to cut its net debt that has reached nearly Rs 26,000 crore.

In a latest analyst presentation, DLF said that "the company and investor are in the final stages of discussion on the documentation. The transaction shall be put up to Audit Committee/Board for final approval".

Last week, in a conference call with analysts, DLF s Senior Executive Director (Finance) Saurabh Chawla had said the proposed transactions is at the "fag end of the process" and hoped that the deal would be concluded in the near future.

Chawla said after the agreement between the two parties, GIC would approach the Competition Commission of India (CCI) for approval, while DLF will have to seek shareholders nod. He expected the CCI approval by early November.

DLF is expected to achieve a rental income of over Rs 3,000 crore in the current fiscal, of which about Rs 2,600 crore pertains to the DCCDL.

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Monetary Policy announcements exhibit continuity and stability - Expert Ajay Bagga tells Anil Singhvi Monetary Policy announcements exhibit continuity and stability - Expert Ajay Bagga tells Anil Singhvi
RBI Monetary Policy Review: Shaktikanta Das led panel keeps policy rates unchanged RBI Monetary Policy Review: Shaktikanta Das led panel keeps policy rates unchanged
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here

LATEST NEWS

Samsung Galaxy M42 5G India launch date REVEALED; Check expected price, specifications and more

New Covid 19 office guidelines for central government employees: Check fresh notice by MHA

Telangana SSC Inter Exams News: Class 10 SSC exam CANCELLED, Class 12 inter exam POSTPONED in the state - check all details here

CBSE class 10 promotion criteria, class 12 board exam dates and will ICSE Class 10, 12 exams be postponed?—All you need to know

HDFC Securities pegs 14800 target on Nifty, Immediate support is at 14520

Taarak Mehta Ka Ooltah Chashmah fee per episode: Dilip Joshi, Munmun Dutta, Shailesh Lodha, Mandar Chandwadkar, Amit Bhatt—how much they earn

Free Fire OB27 update released in India: Check how to APK download link, new map, characters and more

Strong fundamentals, valuations make Indo Borax and Chemicals Sandeep Jain's favourite

Odisha Board Exam 2021 News: Class 10 class 12 board exams POSTPONED, class 9 and 11 students to get PROMOTED WITHOUT EXAMS

Alert! WhatsApp status flaw allows stalkers to track users online? Check all details here

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved