The share price of DLF added 4 percent in the morning trade on December 28 after the real estate player said it was acquiring a 51.8 percent stake in Fairleaf, a joint venture company.
DLF Cyber City Developers Limited (DCCDL), a material subsidiary of DLF, holds a 48.2 percent stake in Fairleaf Real Estate Private Limited.
Fairleaf is a joint venture company, with funds managed by Hines, which owns and operates One Horizon Center, Gurugram.
DCCDL has entered into a securities purchase agreement with Hines to acquire its 51.8 percent stake in Fairleaf for a purchase consideration of about Rs 780 crore, subject to closing adjustments.
The transaction is expected to be completed in the next quarter, subject to requisite closing actions, post which Fairleaf will become a wholly-owned subsidiary of DCCDL.
'We are delighted to acquire complete ownership of this marquee asset. This acquisition adds another trophy asset to our strong rental platform. We believe that this acquisition will be a highly value accretive for us and will add approximately Rs 150-160 crore of rental revenues annually," said Sriram Khattar, MD-Rental Business, DLF.
At 0949 hours, DLF was quoting at Rs 233.40, up Rs 7.30, or 3.23 percent, on the BSE.
The share touched its 52-week high of Rs 266.65 on February1, 2020 and a 52-week low of Rs 114.50 March 25, 2020. It is trading 12.47 percent below its 52-week high and 103.84 percent above its 52-week low.