Source:TNN, Apr 26, 2010, 12.44am IST
MUMBAI: In a move that could have far-reaching positive implications on the revenues of real estate major DLF, it has announced that Caraf Builders & Constructions, a fully owned subsidiary of the Gurgaon-based company, has raised its stake in DLF Assets (DAL) to 91%. The deal was done through the purchase of convertible shares from private equity firm SC Asia for Rs 3,085 crore.
Caraf, which has recently been merged into DLF, is the holding company of DAL that was set up by DLF promoters to buy commercial properties of DLF. ‘‘Caraf Builders & Constructions, a subsidiary of DLF, has purchased 24.52 crore compulsorily convertible preference shares (CCPS) issued by DAL and held by DSIPL (a company owned by SC Asia), for a consideration of Rs 3,085 crore,'' DLF said in a statement to the BSE.
Compulsorily convertible preference shares are those which have to be converted into ordinary shares after a predetermined date. The transaction is in line with DLF's overall strategy to consolidate its holding in DAL. Post this deal, SC Asia will continue to hold 4.6% in DAL.
Caraf is engaged in the business of acquisition and development of real estate properties in India and presently holds four rent-yielding properties in Gurgaon, Kolkata and Chandigarh. DAL is a co-developer for four IT/ITES Special Economic Zones (SEZs) based in Gurgaon, Chennai and Hyderabad, the DLF release said.
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