DLF to buy asset arm DAL from promoters in cashless deal
DLF is set to acquire DLF Asset (DAL), a property trust owned by its promoters KP Singh and family, for around Rs 10,000 crore, as the country’s largest real estate firm looks to consolidate its commercial assets under one company.
The transaction will be executed through DLF Cyber City, a wholly-owned commercial assets subsidiary of DLF, said two executives involved in the transaction. DLF plans to list DAL on the Singapore Stock Exchange before March.
The equity value of the deal, which includes DAL’s Rs 7,300 crore debt, is around Rs 2,500 crore. Under the proposed deal, DLF Cyber City will acquire Caraf, an investment firm of KP Singh and family, that owns DAL, a senior DLF executive said, requesting anonymity. After the deal, DAL will become a wholly-owned subsidiary of DLF Cyber City.
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