Over 500 minority shareholders of realty major DLF have missed out on a once-in-a-lifetime opportunity to become 'crorepatis' overnight.
The company said it has received Rs 2,727 crore in full from Lodha Developers against the sale of 17-acre land in Mumbai and will utilise almost entire proceeds to cut whopping debt of over Rs 22,000 crore.
Having completed the country's largest initial public offering of $2 billion (about Rs 8,200 crore), DLF Chairman K P Singh is getting ready to raise a similar amount in Singapore.
The Competition Commission of India passed a supplementary order last week to modify the agreement between DLF and its apartment buyers, pursuant to a direction from Competition Appellate Tribunal that is hearing the company's appeal against monetary penalty and other sanctions imposed on it by CCI for abuse of market dominance.
CCI had imposed a penalty of Rs 630 crore on DLF in August 2011.
India's biggest realty firm, DLF is betting on special economic zones (SEZs). The zones will cover an area of 26,100 acres and the company expects to take control of the land in the next two years.
DLF chairman K P Singh, his son and vice-chairman Rajiv Singh, younger daughter and whole-time director at DLF Pia Singh, company directors T C Goyal and Ramesh Sanka had earlier moved the tribunal challenging the October 10 Sebi ban on them.
Net debt of India's largest realty company, DLF, rose by Rs 800 crore in the third quarter to Rs 20,694 crore
The realty major is awaiting orders for the second proceedings.
Apartments likely to be in the Rs 5-10 crore range each.
Locked in face-offs with two different regulatory agencies CCI and Sebi, realty major DLF's Chairman K P Singh on Monday suggested a provision in laws to sue regulators if their decisions get overturned at later stages.
In a 43-page order, SEBI said it will bar DLF and its chairman KP Singh along with five other company executives from accessing India's capital markets for three years.
Reeling under a cash crunch, the country's largest real estate player, DLF, has approached the government on surrendering its (DLF's) five of the nine IT-ITeS notified special economic zones (SEZ).
Turns down firm's plea for stay on CCI order; final order pending
Loans and advances account for nearly a quarter of the assets of India's top realty firms.
Is it the usual practice for DLF to give an advance equal to 86 per cent of the sale price on land, before the sale takes place?
Debt-ridden realty player DLF on Tuesday said it will sell more land and wind power business this fiscal to raise Rs 1,900 crore (Rs 19 billion) and lowered the sales figure for flats.
NCDs are unsecured loans to a firm with no provisions to exchange debt for corporate stock.
Recently, DLF sold 17 acres of prime land in Mumbai to Lodha Developers for Rs 2,700 crore.
To reduce its mounting debt, DLF, the country's biggest real estate company, is set to sign a deal with Mumbai-based Lodha Developers for selling one of its showcase non-core assets the 17-acre National Textile Corporation (NTC) land in Mumbai.
With the slump in real estate market and television ratings, DLF, the country's largest real estate developer, is unlikely to continue with the title sponsorship of the Indian Premier League, according to sources close to the development.
This alliance is also planning to tap the infrastructure sector covering express highways, airports and hi-tech construction involving power plants and mega projects.
In addition, it is banking on Rs 20 billion of additional inflows from group company DLF Assets. The move follows 33 per cent growth in DLF's gross debt to Rs 163.58 billion at the end of March 2009 from Rs 122.77 billion a year ago. In addition, DLF's revenues fell 28 per cent to Rs 105.41 billion as home buyers deferred purchases and it offered discounts to lure buyers. As a result, its revenues were hit to the tune of Rs 6.88 billion.
Facing acute liquidity crunch and poor buyer sentiments, the country's biggest property developer, DLF, has stopped work at two of its biggest mid-income housing projects. The move comes after the developer stalled at least a quarter of its commercial projects.
The exchange had earlier said that DLF would move out from Group A.
The mega initial public offer of realty giant DLF, through which the developer is expecting to garner Rs 9,625 crore (Rs 96.25 billion), got fully subscribed on Tuesday.
PVR Cinemas has decided to terminate its agreement to acquire real estate developer DLF's exhibition hall business, DT Cinemas. PVR informed the stock exchanges today that, 'the conditions precedent for the acquisition have still not been satisfied'.The two companies had sought an extension till February 15 to conclude the deal.
Caddie-turned-pro Ashok Kumar lifted the DLF Masters title trophy riding on his overnight eight-stroke lead after rain washed out the final day of the PGTI event in Gurgaon on Sunday.
"We have not laid off anything. The lay-off could happen in future in case the demand further goes down," DLF chairman K P Singh said at an Assocham event in New Delhi. He clarified that as of 'today' DLF has not laid off anybody.
"The customers had entered into a three-year contract with us. If we have to sell the apartments at a discounted rate, the customers who are backing out should make up for it," an official said. "If DFL tries to re-sell its apartments in the open market, it will have to reduce prices by a further 10-15 per cent. The new buyers know the expected supply is more than demand," said Rupesh Sankhe, equity analyst, Centrum Broking.
DLF has wind power plants in four states with total installed capacity of 227 MW.
The order followed complaints against DLF Gurgaon Home Developers.
In July, the company announced its buyback plans at a maximum price of Rs 600 a share. DLF will buy a maximum of 22 million shares, or 11 per cent, of the 202 million shares held by the public. On October 1, the DLF board approved the company's announcement on buyback of shares.
This is one of the rare orders by Sebi that bars a bluechip and its top promoter/executives from market.
The funds will be utilised primarily to reduce debt, which stood at Rs 21,350 crore (Rs 213.5 billion) as on December 31, 2012.
The company had posted a net profit of Rs 138.51 crore (Rs 1.38 billion) in the year-ago period, DLF had said in a statement.
DLF is paying $200m for a controlling stake in Amanresorts. The deal comes at a time when Indian automotive companies Tata Motors and Mahindra & Mahindra are bidding for Ford's luxury Jaguar and Land Rover marques.
The Prime Minister's Office on Wednesday sought to dismiss the alleged nexus between realty giant DLF and Priyanka Gandhi's husband Robert Vadra as 'false'. An affidavit filed by PMO Joint Secretary Dheeraj Gupta before the Lucknow bench of the Allahabad high court termed as "false, vexatious and based on hearsay" the allegations about DLF having extended undue favours to Robert Vadra.
Real estate major DLF plans to leverage the power of cricket to enhance its brand image across the country and has earmarked Rs 100 crore investment (Rs 1 billion) in next two years on sponsorship, cultural events and advertisements. \n\n
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