DLF re-enters Mumbai real estate market, signs agreement for a JV with Trident

"Trident through its wholly-owned subsidiary i.e. Sahyog Homes Limited (‘SHL’) is presently developing a Slum Rehabilitation Project in Andheri (W), Mumbai ('Project'). Pegeen has also agreed to enter a development agreement with SHL to develop the first phase of the Project," the stock exchange filing said.

DLF further stated that Pegeen would allot 9,800 equity shares of face value of Rs 10 per share to Trident. Consequently, post allotment, DHDL will hold 51 percent equity share capital of Pegeen, it said.

"DLF Home Developers Limited (‘DHDL’), a wholly-owned subsidiary, has executed a Securities Subscription and Shareholders’ Agreement, pursuant to which its wholly owned subsidiary i.e. Pegeen Builders & Developers Private Limited (‘Pegeen’) would allot 9,800 equity shares of face value of Rs 10 per share at par to Trident Buildtech Private Limited (‘Trident’). Consequently, post allotment, DHDL will hold 51 percent equity share capital of Pegeen," its statement read, adding that the expected date of completion of the sale/disposal is August 31, 2023.

The real estate developer reported a consolidated net profit of Rs 526.11 crore for the quarter ended June 2023, up from Rs 469.21 in the same quarter last year, exceeding analysts' estimates.​ The total income in the April-June quarter stood at Rs 1,521.71, a marginal increase from Rs 1,516.28 in the same quarter last year.

Shares of DLF Limited closed the day at Rs 501 apiece down 0.72 per cent on BSE. On the intraday basis, the stock touched a low of Rs 496.20 apiece, and a high of Rs 505 apiece on July 21.