DLF Ackruti Info Parks in Pune sold to Blackstone group for Rs810 crore
28 Dec 2011
DLF Ltd along with its joint venture partner Hubtown Limited have sold 100 per cent of their respective shareholding in DLF Ackruti Info Parks (Pune) Limited to BRE / Mauritius Investments II, an entity controlled by real estate fund affiliated with the Blackstone Group, for Rs810 crore, the company said in a filing with the Bombay Stock Exchange (BSE).
DLF said it has obtained all necessary approvals for the sale. Prior to the sale of their respective shareholding, DLF and Hubtown held 67 per cent and 33 per cent equity stakes, respectively, in 'DLF Ackruti'.
DLF Ackruti owns a notified IT/ITeS special economic zone located in Pune.
The transaction is in line with the DLF's objective of reducing debt by divesting its non-core assets, the company said in its filing.
DLF, the country's largest realty firm, had accumulated debt of Rs22,519 crore as of 30 September 2011.
DLF has so far raised Rs3,480 crore from sale of non-core assets and is planning to raise about Rs7,000 crore in the next 2-3 years.