DLF Limited has announced that its material wholly-owned subsidiary, DLF Home Developers Limited (DHDL), has acquired the remaining 49.997% equity stake and compulsorily convertible debentures (CCDs) in DLF Urban Private Limited (DUPL) from Reco Greens Pte. Limited. With this acquisition, DHDL’s stake in DUPL has risen from 50.003% to 100%, making DUPL a wholly-owned subsidiary of both DHDL and DLF Limited.
The transaction, formalized through a Securities Purchase Agreement (SPA) signed on March 25, 2025, involved the purchase of 46,39,607 equity shares and 3,20,09,726 Series D CCDs for a total cash consideration of Rs 496.73 crore. The acquisition was executed at arm’s length based on valuation reports from Price Waterhouse & Co LLP, Jain Jindal & Co., and Samarth Valuation Advisory LLP.
DUPL, incorporated on April 13, 2015, operates in the real estate sector, primarily focusing on the construction, development, and sale of integrated townships and residential projects. It has developed the prestigious residential project ‘One Midtown’. The company reported a turnover of Rs 4.07 crore and a net loss of Rs 15.61 crore for the financial year ended March 31, 2024.
DLF confirmed that the acquisition did not require any regulatory approvals and was completed immediately upon execution of the SPA.
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