No Result
View All Result
  • Login
Friday, July 1, 2022
Afternoon Voice
SUBSCRIBE
  • Home
  • Top News
  • City News
  • Nation
  • World
  • Business
  • Entertainment
    • Bollywood
    • Hollywood
  • Sports
    • Cricket
    • Hockey
    • Tennis
    • Football
    • Badminton
  • Editorial
  • Opinion
    • Column
    • Diary
    • Letters
  • Epaper
  • More
    • Editor’s Pick
    • Featured
    • Lifestyle
    • Different Strokes
    • Multimedia
    • Sci-Tech
    • Politics
No Result
View All Result
  • Home
  • Top News
  • City News
  • Nation
  • World
  • Business
  • Entertainment
    • Bollywood
    • Hollywood
  • Sports
    • Cricket
    • Hockey
    • Tennis
    • Football
    • Badminton
  • Editorial
  • Opinion
    • Column
    • Diary
    • Letters
  • Epaper
  • More
    • Editor’s Pick
    • Featured
    • Lifestyle
    • Different Strokes
    • Multimedia
    • Sci-Tech
    • Politics
No Result
View All Result
Afternoon Voice
No Result
View All Result
  • Home
  • Top News
  • City News
  • Nation
  • World
  • Business
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Epaper
  • More

Home > Uncategorized > DLF promoters conclude Rs 9,000-cr deal with GIC

DLF promoters conclude Rs 9,000-cr deal with GIC

afternoonvoice@gmail.com' by Afternoon Voice
December 27, 2017
in Uncategorized
A A
0

Realty major DLF’s promoters have concluded the sale of 33.34 percent stake in rental arm to Singapore’s sovereign wealth fund GIC for nearly Rs 9,000 crore.

With the closure of this deal, DLF promoters have received Rs 8,950 crore from GIC and another Rs 1,600 crore from the rental arm, DLF Cyber City Developers Ltd (DCCDL).

The promoters will infuse net proceeds into DLF, which in turn will use the amount to reduce its debt significantly from the current Rs 27,000 crore.

In late August, the promoters had sold the entire 40 percent stake in DCCDL for Rs 11,900 crore. This deal included sale of 33.34 percent stake in DCCDL to GIC for Rs 8,900 crore and buyback of remaining shares worth Rs 3,000 crore by DCCDL.

In a late-night regulatory filing, DLF yesterday said subsequent to fulfilment of all conditions precedent specified in the agreement, the sale and purchase of the securities and other closing actions were completed on December 26.

“Accordingly, the company and the investor (GIC) now hold 66.66 percent and 33.34 percent of the paid-up equity capital in DCCDL, respectively,” DLF said in the filing.

According to sources, the promoters have received Rs 8,950 crore from GIC and another Rs 1,600 crore from DCCDL as first tranche of the buyback of shares. The next tranche of Rs 1,400 crore will be due after a year.

On December 1, the board of directors had approved allotment of debentures and warrants to promoters in lieu of their investment of proceeds from this deal into DLF.

A board meeting will be held on December 29 to consider and approve allotment of debentures and warrants to promoters group entities subject to and in accordance with terms to be approved by the shareholders at an extra-ordinary general meeting to be held tomorrow.

The board had approved the preferential offer and issue of up to 37.97 crore compulsorily convertible unsecured debentures (CCDs) to the promoters for cash.

The debentures would be converted into equivalent number of shares at Rs 217.25.

That apart, the board had approved the preferential issue of up to 13,80,89,758 warrants to the promoters being convertible into shares at the same price.

Upon completion of the issue of debentures and warrants and conversion into shares, “the total additional amount of promoter/promoters groups’ equity contribution to the company will be approximately Rs 11,250 crore”.

The board had also approved the offer and issue up to 17.30 crore shares to eligible investors, in one or more tranches, in India or overseas, by way of public issue or a private placement or a qualified institutional placement.

India’s largest realty firm DLF Ltd plans to raise around Rs 3,500 crore through sale of shares to institutional investors, the sources had said.

Infusion of capital by promoters will lead to increase in promoters’ stake in DLF to more than 75 percent. So, the company plans to launch a QIP or public issue to maintain the minimum public shareholding limit of 25 percent.

Tags: AfternoonVoiceBusinessDLFGIC
afternoonvoice@gmail.com'

Afternoon Voice

Recommended For You

michael martin, irish pm, irish prime minister, martin
Uncategorized

Irish PM Martin urges Britain to resume talks with EU over its N.Ireland law

June 19, 2022
RESERVE-WILDLIFE-NATURE-RHINOCEROS
Nation

ESZ of one km from the demarcated boundary is must for National Parks and Wildlife Sanctuaries, directs Supreme Court

June 3, 2022
p chidambaram, chidambaram, congress, Jawaharlal Nehru, Narendra Modi
Uncategorized

Attempt to distort history, Nehru intervened in Goa at right time: Chidambaram on PM’s criticism

February 11, 2022
ks sethumadhavan, director, south indian, filmmaker, sethumadhavan
Uncategorized

Legendary South Indian director K S Sethumadhavan passes away

February 9, 2022
japanese, japan pm, shinzo abe, shinzo
Uncategorized

Ex-Japan PM says a Chinese military “adventure” could be “suicidal”

February 9, 2022
tayyip erdogan, erdogan, Alevi, Alevi community, AK Party
Uncategorized

Tayyip Erdogan faces uphill bid to woo Turkey’s large Alevi minority

February 9, 2022
ADVERTISEMENT

LATEST

‘Maha’ twist: Eknath Shinde takes oath as CM, Devendra Fadnavis his deputy

‘Maha’ twist: Eknath Shinde takes oath as CM, Devendra Fadnavis his deputy

June 30, 2022
Israel’s parliament, Elections, Benjamin Netanyahu,

5th election in 4 years Israel’s parliament dissolves

June 30, 2022

Devendra Fadnavis Punha Yenar

June 30, 2022
Z level Security, Eknath Shinde, Goa, Mumbai, Governor of Maharashtra.

Eknath Shinde gets Z level security

June 30, 2022
Udaipur Murder Case, Crime Scene do not cross, Police line,

MHA orders the NIA to investigate the “brutal” murder of a tailor in Udaipur and any international connections

June 30, 2022
ADVERTISEMENT
Afternoon Voice

© 2022 Newsmakers Publications Pvt. Ltd. | All rights reserved.

Important Links

  • Disclaimer
  • Privacy Policy
  • About Us
  • Contact Us
  • Support Parallel Media

Follow Us

No Result
View All Result
  • Home
  • Top News
  • City News
  • Nation
  • World
  • Business
  • Entertainment
    • Bollywood
    • Hollywood
  • Sports
    • Cricket
    • Hockey
    • Tennis
    • Football
    • Badminton
  • Editorial
  • Opinion
    • Column
    • Diary
    • Letters
  • Epaper
  • More
    • Editor’s Pick
    • Featured
    • Lifestyle
    • Different Strokes
    • Multimedia
    • Sci-Tech
    • Politics

© 2022 Newsmakers Publications Pvt. Ltd. | All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?