DLF Ltd subsidiary DLF Home Developers Limited's (DHDL) wholly-owned arm Pegeen Builders & Developers will re-enter the real estate market in Mumbai. DLF Home Developers Ltd's (DHDL) wholly-owned arm Pegeen Builders & Developers will allot 9,800 equity shares of Rs 10 each at par to Delhi-based realty firm Trident Buildtech.
Pegeen Builders & Developers Private Limited (Pegeen) agreed to enter a development agreement with Sahyog Homes to develop the first phase of the Slum Rehabilitation Project in Andheri (W), Mumbai.
Trident through its wholly-owned subsidiary i.e. Sahyog Homes is currently developing the project. "Trident through its wholly-owned subsidiary i.e. Sahyog Homes Limited (‘SHL’) is presently developing a Slum Rehabilitation Project in Andheri (W), Mumbai ('Project'). Pegeen has also agreed to enter a development agreement with SHL to develop the first phase of the Project," the stock exchange filing said.
DLF Home Developers Limited (‘DHDL’), a wholly-owned subsidiary, has executed a Securities Subscription and Shareholders’ Agreement, pursuant to which its wholly owned subsidiary i.e. Pegeen Builders & Developers Private Limited (‘Pegeen’) would allot 9,800 equity shares of face value of Rs 10 per share at par to Trident Buildtech Private Limited (‘Trident’). Consequently, post allotment, DHDL will hold 51 percent equity share capital of Pegeen," its statement read, adding that the expected date of completion of the sale/disposal is August 31, 2023.
