DLF Ltd has acquired 24.52 Cr CCPS in DLF Assets Limited from PE firm SC Asia for Rs 3084.68 Cr.
The stake was bought by DLF through its subsidiary Caraf Builders & Constructions Pvt Ltd. The company used Rs 2800 Cr (Cash in Hand) and Rs 1,800 Cr from internal accruals to buy the stake.
SC Asia Pte Ltd. had invested $650 million in DAL through two tranches in May and Nov'08.The investment was made through its arm DAL Singapore Investments Pte. Ltd.
Post transaction, DLF's stake in DAL has risen to 91.90%. SC Asia will continue to hold 4.59% in DAL in the form of 2.72 Cr CCPS while the balance 3.5% is with DE Shaw.
Transaction Reference: HinduBusinessLine
This move is a part of DLF's strategy to consolidate shareholding in DAL, a co-developer for four IT/ITES SEZs in Gurgaon, Chennai and Hyderabad.
It also paves the way for DLF to list DAL as a real estate investment trust in Singapore. DAL was to be listed in Singapore in April 2008, but the listing was postponed due to the financial meltdown.
Caraf, which has recently been merged into DLF, is the holding company of DAL that was set up by DLF promoters to buy commercial properties of DLF.
Caraf is engaged in the business of acquisition and development of real estate properties in India and presently holds four rent-yielding properties in Gurgaon, Kolkata and Chandigarh.
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944
4256
972
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3002
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3139
32625
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24534
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
| 26/04/10 |
DLF Assets - DLF Ltd |
M&A |
Caraf Builders & Constructions Limited |
693.38 |
| 11/12/09 |
DLF Assets - DE Shaw (Partial Exit) |
Private Equity |
Caraf Builders & Constructions Limited |
470.00 |
| 03/05/08 |
DLF Assets - Symphony capital |
Private Equity |
Symphony Capital LLC |
450.00 |
| 04/07/07 |
DLF Assets - DE Shaw Composite, Lehman Brothers |
Private Equity |
DE Shaw Composite Investments (Mauritius) Limited |
600.00 |
| Date | Type | Buyer | Target | Size ($mn) | State |
| 17/05/12 |
Private Equity |
IIFL Capital Limited |
Mumbai Redevelopment Project |
14.75 |
Completed |
| 17/05/12 |
Private Equity |
Looking For |
Supertech Limited |
553.10 |
Planned |
| 15/05/12 |
Private Equity |
|
ATS Infrastructure Limited |
- |
Planned |
| 11/05/12 |
Private Equity |
Looking For |
Entertainment World Developers Private Limited |
46.71 |
Planned |
Company |
| Name | Promoters | Office | Competitor | Website |
| DLF Assets Private Limited |
DLF Limited |
1-E Jhandewalan, Naaz Cinema Complex,New Delhi - 110055, India |
Housing Development and Infrastructure Limited |
|
| Caraf Builders & Constructions Limited |
DLF Limited |
1-E Jhandewalan Extension,Naaz Cinema Complex, New Delhi - 110055 |
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