DLF has informed the exchange that sale of land parcel to Lodha Group for R2,727 Cr through its subsidiaries DLF Cyber City Developers, DLF Universal and Jawala Real Estate has been completed.
The acquisition is for a consideration of R1,200 Cr for both equity and debentures of the company. In addition, Lodha will also pay R1,500 Cr of liabilities that Jawala has incurred for the development since it purchased the property from NTC in 2005 for R703 Cr.
Jawala Real Estates has ceased to be a subsidiary of the company. The transaction is in line with the Company?s objective of divesting its non-strategic assets.
This is the second high-value land deal by Lodha's in the recent times. In 2010, the company had bought a 25,000-square metre plot at Wadala in Mumbai for R 4,050 Cr.
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Source: http://www.dealcurry.com/2012112-Update-DLF-Sells-Land-To-Lodha.htm
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