DLF realigns shareholding pattern in JVs

DLF, a real estate major has recently announced a joint venture agreement with Ridgewood Holdings Limited through its wholly owned subsidiary DLF Home Developers Limited for development of seven residential projects in Bangalore, Chennai, Kochi and Indore.

The stock of DLF has opened flat but surged half a per cent to Rs 152.80. The stock is in uptrend since March 2016 and likely to surge further. DLF Home Developers contributes to 22.8 per cent of the total profits of DLF and has a book value of  Rs 15.96 lakhs. The company holds 1.81 per cent of total net assets of DLF as per FY2015 reports.  

DLF is concentrated towards selective projects in certain micro markets. DLF and Ridgewood Holdings have jointly decided to realign the current shareholding arrangement in JV companies to remain focused on future development of projects. The current shareholding pattern shows promoters holding in the company at 74.96 % ; while Institutions and Non-Institutions held 18.07 % and 6.96 % respectively.

Earlier, on May 30, DLF had announced amendment agreement with PVR related to sale of cinema exhibition business under the name DT cinemas for a sum of Rs 433 crores through its subsidiary DLF Utilities Ltd.

DLF is a real estate company engaged in development of residential, commercial and retail properties. Its commercial and retail business consists of development of offices, SEZs and shopping complexes. It also pertains to acquisition of land, obtaining approvals, project planning, execution, launch, sale and marketing, and delivery of the developed property through Gurgaon DevCo and National DevCo.