DLF unit buys SC Asia's stake in DAL
Monday, 26 April 2010
NEW DELHI, Apr 25 (PTI): Realty major DLF today said its subsidiary Caraf had consolidated holding in DLF Assets Ltd (DAL) through purchase of convertible shares from private equity firm SC Asia for Rs 30.85 billion.
Caraf, which was recently merged into DLF, is the holding company of DAL that was set up by DLF promoters to buy commercial properties of DLF.
"Caraf Builders & Constructions (Caraf), a subsidiary of DLF, has purchased 24,52,32,000 compulsorily convertible preference shares issued by DAL and held by DSIPL (a company owned by SC Asia Pte Ltd), for a consideration of Rs 30.85 billion," DLF said in a statement.
Compulsorily convertible preference shares have to be converted into ordinary shares after a pre-determined date.
Caraf, which was recently merged into DLF, is the holding company of DAL that was set up by DLF promoters to buy commercial properties of DLF.
"Caraf Builders & Constructions (Caraf), a subsidiary of DLF, has purchased 24,52,32,000 compulsorily convertible preference shares issued by DAL and held by DSIPL (a company owned by SC Asia Pte Ltd), for a consideration of Rs 30.85 billion," DLF said in a statement.
Compulsorily convertible preference shares have to be converted into ordinary shares after a pre-determined date.