DLF LTD. - Updates on CCPS Sale Transaction
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| 14 Feb 2017 | |
| DLF Ltd has informed BSE as under:<BR><BR>1. By notification dated October 8, 2015, it was inter alia notified to the Stock Exchanges that the Board of Directors of the Company had approved the proposal for promoter group companies namely Rajdhani Investments & Agencies Private Limited, Buland Consultants and Investments Private Limited, Sidhant Housing and Development Company (CCPS Holders) to sell 15,96,99,999 Cumulative Compulsorily Convertible Preference Shares (CCPS) of DLF Cyber City Developers Limited (DCCDL) (which would result in 40% equity shareholding in DCCDL upon conversion of the CCPS) to unrelated third party investor(s) (the CCPS Sale Transaction) subject to certain conditions.<BR><BR>2. Since the conclusion of CCPS Sale Transaction may not consummate by March 18, 2017 which being the last date of conversion of CCPS, the CCPS Holders have conveyed to DCCDL and the Company that they are agreeable for extension in conversion of CCPS for one more year i.e., until March 18, 2018 at the existing dividend rate/coupon rate of 0.01% per annum. Accordingly, the Board based on the recommendations of the Audit Committee, accorded its consent for the said extension being the 100% equity shareholder of DCCDL.<BR><BR>The Company is accordingly intimating the stock exchanges about the above decision of the Board of Directors of the Company. | |
| View all announcements for DLF LTD. | Source: BSE India |
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