Real estate major DLF Ltd has entered into an agreement to acquire a 29-acre land parcel in Gurugram for Rs 825 crore. The land parcel has a development potential of 7.5 mn sq ft, the company said in a regulatory filing.
In the filing, DLF said the company, directly or through its affiliates, intends to acquire overall rights and interest in a land parcel measuring 29 acres having estimated development potential of up to 7.5 million square feet. Out of the identified land, an area measuring 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 these bonds at a negotiated consideration of Rs 825 crore and would assume the rights of the bond holder."
DLF said 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) after following due process of law and approvals and sanctions as may be required.
The company also said it would acquire rights and interest in the remaining 4 acres of land through separate binding agreements with the bond issuer and its certain land-owning companies.
In a regulatory filing on Jan 25, DLF said it has entered into an agreement with Standard Chartered Bank, Singapore Branch, DB International (Asia), Singapore and Deutsche Investments India (lender/bond holder).
The company is in the process of finalizing an agreement with the developer for acquisition of the 29 acres of land with the requisite FAR.
