Real estate company DLF on Wednesday said it has received Rs.1,992 crore from Singapore’s sovereign wealth fund GIC, which now concludes the process for 50 per cent stake sale in its two projects in Delhi.
In September, DLF Home Developers Ltd. (DHDL), a wholly-owned subsidiary of DLF Ltd, and GIC had signed an agreement to enter into a joint venture to invest in two upcoming projects located in Central Delhi, wherein GIC would invest Rs.1,990 crore in the said projects.
The company, in a statement to the BSE on Wednesday, said, “subsequent to receipt of CCI approval and having met other pre-closing conditions, the funding for the above said transaction has been concluded on December 23, 2015 with the receipt of Rs.1,992 crore from GIC”.
On November 16, DLF had said that it had received the Competition Commission of India’s approval for this joint venture.
The move is in line with debt-ridden DLF’s strategy to sell stakes in projects by bringing in private equity investors. The real estate company has seen a 4.2 per cent rise in net debt from Rs.21,598 crore in the April-June quarter of 2015-16 to Rs.22,520 crore in July-September quarter.
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