trending Market Intelligence /marketintelligence/en/news-insights/trending/hqsw-LM-SRDNj3W534NTHQ2 content esgSubNav
In This List

India's DLF settles 87B rupees in debt to joint venture

Blog

Using ESG Analysis to Support a Sustainable Future

Video

S&P Capital IQ Pro | Powered by Expert Insights

Blog

Q&A: Streamlining Analytics for TCFD Reporting

Blog

Evergrande and the wider impact: a sentiment analytics based perspective


India's DLF settles 87B rupees in debt to joint venture

India-based DLF Ltd. settled the 87 billion rupees it owes to affiliate DLF Cyber City Developers Ltd. by transferring its interests in certain commercial assets and land parcels.

The assets include DLF's shareholding in DLF Info Park Developers (Chennai) Ltd., which holds leasehold rights in a land measuring approximately 107,808 square meters at TIDEL Park in Chennai, India. The asset has an enterprise value of 10 billion rupees. DLF also transferred its shareholding and optionally convertible debentures in Nambi Buildwell Ltd., and its shareholding and compulsorily convertible debentures in Fairleaf Real Estate Pvt. Ltd.

Nambi Buildwell owns DLF Place in Saket, New Delhi, and has an enterprise value of 10.12 billion rupees, while Fairleaf Real Estate owns One Horizon Center and has an enterprise value of 17 billion rupees.

As a result of the settlement, DLF's net debt will increase by only 4.75 billion rupees, according to an Oct. 2 stock exchange filing.

DLF Cyber City Developers is a joint venture between DLF and Singapore's sovereign wealth fund, GIC Pte. Ltd.

As of Oct. 2, US$1 is equivalent to 71.19 Indian rupees.