DLF Ltd, India’s largest real estate developer, has shortlisted bidders for the ongoing office stake sale transaction and expects to receive binding, updated bids in the form of shareholder agreement once the short-listed bidders complete their due diligence.
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Shares of the company slumped over 1 per cent on Monday.
The Information Memorandum had been circulated to the investors in April this year and multiple bids were received from Sovereign Funds and global Private Equity firms in June.
The Company has posted a net profit of Rs. 674.60 million for the quarter ended June 30, 2016 as compared to net loss of Rs. (423.30) million for the quarter ended June 30, 2015. The current market cap of the company is Rs 139303.77 crore.
Indias largest realty firm DLF yesterday reported more than two-fold jump in consolidated net profit to Rs 261.42 crore for the quarter ended June 30, helped by sale of its cinema business to PVR. Total income of the company stood at Rs 1,07,200 cr, registering a fall of 5.75 per cent in June quarter as compared to 1,13,743 cr in the same quarter previous year.
During the quarter, the company’s net revenue fell 5.75 per cent to Rs. 1,07,200.65 crore as compared to Rs. 1,13,743.46 crore in the same quarter past year.
“The company expects increased momentum in the commercial space. The company is focused on aggregating leases which are expiring to enable it to contract it to “high value” high creditworthy tenants”, DLF said.
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