DLF to buy residual stakes in entities owning 63 acres land in Gurugram for Rs 40 crore

Realty major DLF will acquire residual stakes in certain entities that own 63 acres of land parcels in and around Gurugram for around Rs 40 crore. DLF acquired development rights of these land parcels during 200910.

In a regulatory filing on Tuesday, DLF said the finance committee of its board has approved the acquisition of around 5.22 per cent shareholding in Invecon Pvt Ltd and 4.48 per cent and 3.24 per cent shareholding in its affiliates namely Vikram Electric Equipment and Uni International, respectively. These entities are collectively referred to as 'land owning companies'.

The land-owning companies collectively hold around 63 acres of land parcels in and around Gurugram, for which the company already has existing agreements. DLF said it is executing definitive agreements with the sellers and the land-owning companies along with its six other affiliates.

After execution, these land-owning companies and six affiliates would become subsidiaries of the company. The consideration for these residual stakes is around Rs 40 crore. The deal will conclude within 180 days of the execution of the definitive agreements with the sellers.