DLF arm raises DLF Assets stake to 91.9 per cent for Rs3,084 crore

Caraf Builders and Constructions, a subsidiary of realty major DLF Ltd, has acquired 245 million compulsorily convertible preference shares in group company DLF Assets, from private equity firm SC Asia Pte Ltd for around Rs3,084 crore ($696 million).

Caraf will now hold 91.9 per cent equity stake in DLF Assets while SC Asia, through its investment arm, would continue to hold a 4.59 per cent stake, the company said in a stock exchange filing.

DAL is a notified co-developer for four IT/ITeS special economic zones (SEZs) with projects in Gurgaon, Chennai and Hyderabad.

The board of DLF had, in December last year, had approved absorbing DLF Assets, then owned by the founders of DLF.

DLF said the consolidation of shareholding in DLF Assets was in line with its strategy. DLF Assets operates rental assets and owns a property trust.

Caraf is also in the business of acquisition and development of real estate properties in India, and has rented properties in Gurgaon, Chandigarh and Kolkata.