DLF-DAL merger: Promoters to gain
It’s that feeling of deja vu. Delhi-based real estate developer DLF has announced a merger of its commercial realty arm DLF Assets (DAL) with itself a move aimed at repaying some of DAL’s debt. ( Watch )
This merger is also aimed at consolidating all commercial properties under DLF, which will help add an annual income of close to Rs 500-600 crore in the form of lease rentals from 2009-10. DAL currently earns around Rs 325 crore from lease rentals.
The new structure involves the merger of DLF subsidiary DLF Cyber City Developers with Caraf Builders and Constructions, which is the holding company of DAL. The valuation ratio approved by the board for Cyber City and Caraf is in the ratio of 60:40.
More : economictimes.indiatimes.com