New Delhi : Real estate major DLF was on Wednesday directed by the Supreme Court to deposit Rs 630 crore fine slapped on it by the Competition Commission of India (CCI) for allegedly resorting to unfair business practices.
The apex court said the total ammount will be deposited within three months with its Registry pending the outcome of the appeal filed by DLF against May 19 order of Competition Appellate Tribunal's upholding the penalty of Rs 630 crore imposed by the CCI.
"We direct the appellant (DLF) to deposit the amount of Rs 630 crore in this court," a bench comprising justices Ranjana Prakash Desai and N V Ramana said in its interim order.
Mumbai: Shares of realty major DLF turned weak today on the back of fair trade regulator CCI ordering a fresh probe against the company.
DLF stock was down nearly 2 per cent at Rs 215.20 at the BSE in late morning trade in an overall flat market, where the benchmark Sensex was almost unchanged at 25,367 points.
The Competition Commission of India (CCI) has ordered a probe against a DLF group company for allegedly imposing unfair and unreasonable conditions on office buyers at one of its commercial projects in Gurgaon.
Mumbai, May 30 : The scrip of India's real estate development major DLF gained 4.04 percent on back of healthy earnings in the fourth quarter of the last fiscal ended March 31.
In the initial trading hours at the Bombay Stock Exchange (BSE) the company's stocks gained as much as 4.04 percent at Rs. 212 from its previous close of Rs. 203.75.
The scrip's gain stood at 1.94 percent or 3.95 points at Rs. 207.70 around 2.00 p. m.
New Delhi, April 23 : India's largest real estate developer DLF Wednesday said it leased out three million sq ft of office space in the financial year ended March 31, 2014. More than half of it is in Gurgaon.
Of the three million sq ft it leased out, a record 1.7 million sq ft has been leased out in Gurgaon alone, the company said in a statement.
“This has been achieved despite intense competition in the office leasing space and a subdued economic environment,” it said.
The lease rentals witnessed stable to healthy increases in various micro markets.
Hit hard by a one-off loss, Indian real estate developer DLF Ltd on Friday reported a decline of 49 per cent in its quarterly net profit.
The country's biggest real estate developer said in a statement that its consolidated net profit slipped to Rs 1.45 billion in the October-December quarter of current fiscal, from Rs 2.85 billion in the corresponding quarter of the previous fiscal.
The third quarter results included an exceptional charge of Rs 4.11 billion over a 'foreseeable loss' on account of a settlement of a dispute with the Delhi Development Authority (DDA) over a real estate project.
Shared of real estate giant DLF jumped nearly 2 per cent to Rs 179 apiece in early morning deals on Friday on BSE after the company announced its decision to quit life insurance business.
DLF, India's largest realty company, announced on Thursday that it had signed an agreement to offload its 74 per cent equity stake in the life insurance joint venture called DLF Pramerica Life Insurance Co Ltd to Dewan Housing Finance Corp.
New Delhi, July 8 : Realty major DLF Monday said it has sold its 150-MW wind power project in Kutch, Gujarat, to BPL Vayu for Rs. 325 crore ($55 million).
"The transaction is in line with the DLF's objective of divesting its non-core assets," the company said in a disclosure to stock exchanges, adding it included the transfer of both assets and liabilities, including long-term loans, for the said consideration.
Apart from the wind farm in Gujarat, DLF has similar projects in Rajasthan, Tamil nadu and Karnataka. These projects, according to the company, reduce about 470,000 tons of carbon di-oxide emissions on an annual basis.(IANS)
Realty giant DLF Ltd has confirmed that it has completed the transfer of Kutch, Gujarat-based 150-MW capacity wind power project to BLP Vayu Private Ltd for lump sum consideration Rs 325.38 crore.
As per the terms of the agreement, DLF transferred the wind power project, including related assets, liabilities and relevant long term loans.
The deal value is significantly higher than what BLP Vayu Private Ltd, a subsidiary of Bharat Light and Power Private Ltd, had originally agreed to pay (Rs 282.3 crore) on January 31.
On Wednesday, real estate giant DLF Ltd priced its $345 million (more than Rs 81 billion) share issue at Rs 230 apiece.
Earlier, reports suggested that the real estate giant's most recent share sale got oversubscribed 1.3 per cent.
While the India's biggest rear estate firm offered 81.02 million shares to institutional investors at a price band of Rs222-Rs223 apiece; while the investors made bids for 147.7 million shares.
India's biggest property developer, DLF has entered into an agreement to sell its assets in the wind power generation industry assets in Tamil Nadu and Rajasthan.
The company said that it has signed a definitive agreement to sell its wind power assets in the two states for around Rs 241 crore. DLF has been selling major assets to strengthen its financial position and consolidate its position in the core infrastructure sector.
India's biggest property developer, DLF has indicated that its board of directors will meet on Wednesday to consider a sale of stake in order to be able to meet the minimum public shareholding norms.
The company said in a filing that, "A meeting of the board of directors of the company will be held on March 6, to consider offer of securities and all related actions thereto, subject to the approval of shareholders, for achieving the minimum public shareholding."
India's biggest property developer, DLF has said that it is aiming to reduce tis total debt by half in the coming three years with the help of measures like fresh issue of equity shares, sale of non-core assets and higher cash flows.
India's biggest property developer, DLF has indicated that it is planning to reduce its debt from the current Rs. 21,350 crore to Rs. 10000-11000 crore over a period of next three years.
The management of the company also said that it is planning to dilute 3 per cent stake to raise cash flows of 5000 crore. DLF has been selling major assets to strengthen its financial position and consolidate its position in the core infrastructure sector.
Indian reality giant DLF has finally managed to sell its luxury hotel chain Aman Resorts back to its Indonesia-based founder Adrian Zecha for $300 million (around Rs 1,600 crore).
DLF, India's biggest realtor, will use proceeds from the sale to further slash its heavy debt pile. As on September 30, the realtor was burdened with a net debt of Rs 23,220 crore, which dropped to Rs 21,220 crore after realization of Rs 2,727 crore from the sale of NTC Mill land to the Lodha group.
India's biggest property developer, DLF has said that it has agreed to sell its premium hotel chain Amanresorts in a management buy-out deal valued at US$ 300 million or about Rs 1,600 crore.
DLF Global Hospitality Ltd, which is a wholly owned subsidiary of DLF, has entered into a definitive agreement under which Adrian Zecha, the founder and Chairman of the Amanresorts Group of luxury resorts will acquire DGHL's 100 per cent shareholding in Silverlink Resorts Ltd, the company that owns Amanresorts. The Management Buy-Out agreement is expected to be completed by February depending upon usual conditions.
Realty giant DLF on Friday said that the sale of its non-core businesses would generate nearly Rs 3,000 crore by the end of current financial year.
DLF, the country's leading realty development company, has put its various non-core businesses, such as hotel chain Aman Resorts and wind energy business, for sale.
The company also said that the sale of its wind energy business would finalize earlier than the sale of much-reported Aman Resorts. It added that Aman Resorts deal would take time because was a complex deal.
Reality giant DLF on Wednesday expects to finalize the sale of its luxury hotel chain Aman Resorts before the end of current quarter.
In an analyst call, DLF Chief Financial Officer Ashok Tyagi said that the company hoped to close the deal in the next few weeks. He added that India's leading real estate developer also expected to complete the sale of its wind energy business by January 2013.
Speaking on the topic, he said, "We have all regulatory approvals required to sell our wind assets. It should be carried out in two to three months."
Real estate major, DLF is scheduled to report its results for the second quarter of the financial year and the company is likely to report a 26 per cent fall in net profit at Rs 275 crore for the quarter.
The company had recorded a net profit of Rs 372 crore in the same quarter of the previous year. the net sales of the company could fall 7 per cent to Rs 2,350 crore compared to Rs 2,523 crore recorded in the same quarter of the previous year.
Indian Stock market was trading flat on Monday morning. The BSE Sensex was marginally down at 18733 and NSE Nifty was down by 4 points at 5693. Asian markets were trading lower. Hang Seng was down by 0.3% at 22031, Straits Times was down at 3031 and Nikkei 225 was down by half per cent at 9007.
Among Indian stocks, ACC was up by nearly 2 per cent at Rs 1434. Dr Reddy's Labs and Cipla were up by 1.5% each. Kotak Mahindra Bank was also among major gainers at Rs 620.
India's largest real estate company, DLF had entered into three deals worth Rs 446 crore with a hotel joint venture after 50 per cent stake was given to Robert Vadra for Rs 35 crore in October 2009, according to reports.
The new revelation could add to the troubles of the company and may indicate a deeper relationship between the company and entities owned by son-in-law of Congress President Sonia Gandhi. The revelations were not included in the expose by activist-turned-politician Arvind Kejriwal on the business dealings between DLF and Vadra.
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