Moneycontrol
Feb 15, 2017 12:33 PM IST | Source: Moneycontrol.com

DLF down 6% on delay in Cyber City stake sale, poor Q3 nos

The company's preference shareholders have approved the extension to convert cumulative compulsorily convertible preference shares (CCPS) by one more year i.e. till March 18, 2018.

DLF down 6% on delay in Cyber City stake sale, poor Q3 nos
Moneycontrol Bureau

Shares of DLF declined 6.6 percent intraday Wednesday on the back of poor Q3 results and delay in sale of stake in DLF Cyber City Developers by promoters.

The company has reported 46 percent decline in its consolidated Q3 (Oct-Dec) net profit at Rs 98.1 crore and total income was down at Rs 2,058 crore.

The operating profit (EBITDA) shed 6.1 percent at Rs 958 crore and EBITDA margin was down 270 bps at 46.6 percent

The company's preference shareholders have approved the extension to convert cumulative compulsorily convertible preference shares (CCPS) by one more year i.e. till March 18, 2018.

"The conclusion of cumulative compulsorily convertible preference shares (CCPS) sale transaction may not consummate by March 18, 2017, which being the last date of conversion of CCPS, the CCPS Holders have conveyed to DLF Cyber City Developers (DCCDL) and DLF that they are agreeable for extension in conversion of CCPS for one more year i.e., until March 18, 2018 at the existing dividend rate/coupon rate of 0.01 percent per annum," company said.

“The company's board based on the recommendations of the audit committee, accorded its consent for the said extension being the 100 percent equity shareholder of DCCDL,” it added.

The company had approved the proposal for promoter group companies namely Rajdhani Investments & Agencies, Buland Consultants and Investments, Sidhant Housing and Development Company to sell 15,96,99,999 CCPS of DCCDL to unrelated third party investor(s) subject to certain conditions.

At 12:09 hrs DLF was quoting at Rs 138.90, down Rs 8.60, or 5.83 percent on the BSE.

Posted by Rakesh Patil
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