DLF Preps for Public REIT, Hiring KPMG and Morgan Stanley
Posted on 01/30/2021
DLF Cyber City Developers Ltd (DCCDL) is a joint venture between DLF and Singapore’s GIC Private Limited. DLF Cyber City Developers owns and operates a 35 million square-foot rental portfolio. The rental unit of DLF Ltd. hired consultants as it prepares for a real estate investment trust (REIT). DLT hired Morgan Stanley as banker, Shardul Amarchand Mangaldas & Co as legal advisor, and KPMG as financial and tax advisor.
DLT is impacted by the coronavirus pandemic.
In a recent quarter, DLF Cyber City Developers entered into a Securities Purchase Agreement with funds managed by Hines for acquisition of their stake in Fairleaf Real Estate, which manages the One Horizon Center, for Rs 780 crore.
The realty major reported 9% rise in consolidated net profit to Rs 452 crore on 15% jump in net sales to Rs 1543 crore in Q3 FY21 over Q3 FY20.Consolidated profit before tax came rose 5% to Rs 386.76 crore in Q3 FY21 from Rs 368.61 crore in Q3 FY20. Current tax expense fell 26.2% year on year to Rs 104.24 crore in Q3 FY21.
EBITDA jumped 49% to Rs 624 crore in Q3 FY21 from Rs 419 crore in the same period last year. DLF said demand in the residential business is improving, aided by a low-interest cost regime, various government incentive initiatives and quality supply with affordability.
During the quarter, DLF launched Independent Floors in DLF City, which was absorbed in record time, demonstrating demand for quality products in established locations. New Sales bookings for the quarter rose to Rs 1,022 crore, reflecting a 40% growth year on year. The company assured it continues to step up on new launches and remain focused on creating a healthy pipeline of new products offering div
Nifty, Sensex continues to rise – Monday closing report
Moneylife Digital Team / IANS
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We had mentioned in previous week’s closing report that Nifty, Sensex were trending higher. On Monday, the major indices continued to climb higher. On the NSE, there were 1,357 advances, 549 declines and 341 unchanged.
The trends of the major indices in the course of Monday’s trading are given in the table below:
DLF plans to acquire 51.8% stake in Fairleaf, a joint venture company. DLF Cyber City Developers holds a 48.2% stake in Fairleaf Real Estate Private Limited.
Reliance Industries will buy IMG Worldwide’s 50 percent stake in the joint venture entity. IMG Reliance Limited is a joint venture between IMG Worldwide LLC and RIL.
Read more about Sensex, Nifty scale record high on Business Standard. Key benchmark indices are trading firm in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 366.54 points or 0.78% at 47,340.08. The Nifty 50 index was up 106.30 points or 0.77% at
Read more about Stocks to watch: Cadila Health, NIIT, BEML, Dish TV, RIL, DLF, Coal India on Business Standard. The board of NIIT has approved buyback of 98.75 lakh equity shares of face value of Rs 2 each.