DLF acquires 29 acres land in Gurugram for Rs 825 crore, Real Estate News, ET RealEstate

January 26, 2024
1 min read
DLF acquires 29 acres land in Gurugram for Rs 825 crore, Real Estate News, ET RealEstate


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NEW DELHI: DLF has entered into an agreement with Standard Chartered Bank, Singapore Branch, DB International (Asia), Singapore and Deutsche Investments India for purchase of privately placed, listed, secured, non-convertible, redeemable bonds of face value of Rs 600 crore on which the bond issuer has defaulted in repayment of the said bonds including accrued interest thereon, the company informed in a BSE filing.

The said bonds are secured in favour of Axis Trustee Services, acting for and on behalf of the bond holder on about 72.36 acres of land parcels situated in Gurugram, owned by the bond issuer of the said bonds and its affiliates.

In view of the default committed by the bond issuer, the bond trustee, on behalf of the bond holder had initiated proceedings for recovery of its dues under the SARFAESI and conducted auctions of the mortgaged land.

Considering the development potential of the part of the mortgaged land, DLF Home Developers (DHDL), a wholly-owned subsidiary of the company, had participated in the process to acquire a part of the mortgaged land by bidding for the same. However, DHDL’s bid was not accepted by the bond trustee on certain technical grounds. The validity of the said SARFAESI proceedings is a matter of ongoing litigation before Debt Recovery Appellate Tribunal, Delhi.

The company, directly or through its affiliates, intends to acquire overall rights and interest in land parcel admeasuring ~29 acres having estimated development potential of upto 7.5 million sq ft. Out of this, land admeasuring ~25 acres forms part of the mortgaged land. Accordingly, the company has entered into an agreement with the bond holder, wherein the company will purchase the said bonds at a negotiated consideration of Rs 825 crore and would assume the rights of the bond holder.

The company is purchasing the bonds as a strategic investment and would be looking at rights under the bonds documentation including enforcement, settlement with the bond issuer including its affiliate(s), it said in the regulatory filing.

Further, the company, directly or through its affiliates, would acquire rights and interest in the remaining portion of the land, through separate binding agreements with the bond issuer and its certain land-owning companies/ affiliates.

  • Published On Jan 26, 2024 at 09:55 AM IST

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