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DLF LTD. - Updates
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31 May 2016
DLF Ltd has informed BSE that:&lt;BR&gt;&lt;BR&gt;&quot;1. We had, vide our letter dated 9th June, 2015 informed that DLF Utilities Limited (DUL), a subsidiary, has entered into definitive agreements for sale of its cinema exhibition business operated under the brand name of DT Cinemas, to PVR Limited, subject to requisite statutory, regulatory approvals and satisfaction of customary conditions precedent.&lt;BR&gt;&lt;BR&gt;2. In continuation thereof we had also intimated vide our letter dated 6th May, 2016 that the Honble Competition Commission of India vide its letter dated May 4th, 2016 has approved the proposed combination in terms of the Section 31(7) of the Competition Act, 2002 with certain modifications, which inter alia exclude DT Savitri (1 screen) and DT Saket (6 screens) from&lt;BR&gt;the proposed combination.&lt;BR&gt;&lt;BR&gt;3. Based on the above approval, we would like to submit that DUL has executed an amendment agreement (Amendment Agreement) on 30th May, 2016 with PVR Limited in connection with sale of the cinema exhibition business (operated under the brand name of DT Cinemas) on a slump sale basis for a revised consideration of Rs.433 crores (Rs. 100 crore of which to be received upon satisfaction of certain Conditions Subsequent). The Amendment Agreement, inter alia provides for exclusion DT Savitri (1 screen) and DT Saket (6 screens) from the aforementioned transaction. Accordingly, subject to satisfaction of statutory, regulatory and other customary conditions precedent, the DUL proposes to sell 32 screens in National Capital Region and Chandigarh to PVR Limited.&quot;
View all announcements for DLF LTD. Source: BSE India