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

DLF said that Pegeen would allot 9,800 equity shares of face value of Rs 10 per share to Trident. Post allotment, DHDL will hold 51 percent equity share capital of Pegeen. Representational image

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26 Aug, 2025 12:21

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Realty major DLF Ltd on July 21 said that its subsidiary DLF Home Developers Limited's (DHDL) wholly-owned arm Pegeen Builders & Developers will re-enter the real estate market in Mumbai.

DLF Home Developers Ltd's (DHDL) wholly-owned arm Pegeen Builders & Developers will allot 9,800 equity shares of Rs 10 each at par to Delhi-based realty firm Trident Buildtech.

DLF said that Pegeen Builders & Developers Private Limited (Pegeen) agreed to enter a development agreement with Sahyog Homes to develop the first phase of the Slum Rehabilitation Project in Andheri (W), Mumbai.

DLF Limited disclosed that Trident through its wholly-owned subsidiary i.e. Sahyog Homes is currently developing the project.

"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.