India's largest real estate developer DLF on Tuesday said it has shortlisted bidders for the ongoing stake sale in its rental arm, DLF Cyber City Developers Ltd. The company expects to receive binding, updated bids in the form of shareholder agreement once the shortlisted bidders complete due diligence.

Media reports had earlier suggested DLF had shortlisted six potential buyers for the sale of 40 per cent stake held by promoters in its rental arm.

Aided by the sale of its flagship movie theatre chain DT Cinemas to PVR for Rs 372 crore, real estate firm DLF on Monday reported a twofold jump in consolidated net profit to Rs 261 crore for the quarter ended June.

According to its filings with the BSE, the net profit had stood at Rs 126 crore in the April-June quarter of the past financial year. Income from operations fell 22 per cent to Rs 1,867 crore during the first quarter of FY17 from Rs 2,389 crore in the year-ago period.

Realty major DLF on Wednesday announced restructuring of its joint venture with global investment firm Blackstone-managed Ridgewood Holdings that had invested Rs 1,481 crore in seven housing projects in 2007.

In 2007, DLF had diluted 49 per cent stake in seven residential projects located in Chennai, Bengaluru, Kochi and Indore to a Merrill Lynch & Co entity Ridgewood Holdings, now managed by Blackstone.

The Securities Appellate Tribunal (SAT) will hold on September 13 the final hearing on realty major DLF's plea against the Rs 86 crore penalty imposed on it by capital market regulator Sebi.

In February last year, Sebi had slapped fines totalling Rs 86 crore on DLF, its top executives, their family members and various other related entities for alleged fraudulent transactions during its initial public offer (IPO) in 2007.

The Odisha State Pollution Control Board (SPCB) has extended the validity of the consent to establish order issued to DLF Ltd for a period of five years. The revised order is now valid till August 30, 2017.

The order is for DLF’s Cyber City project coming up at Patia on the outskirts of Bhubaneswar. DLF is investing Rs 1,000 crore on the commercial IT real estate project where apart from an IT park and ITes (IT enabled services) establishment, business centres, hotel and retail services as well as service apartments are being developed over an area measuring 54 acres.

NEW DELHI: India's largest real estate developer DLF has shortlisted six potential buyers for 40% stake of the promoters in its rental arm DLF Cyber City Developers Limited that is expected to sell for about Rs 13,000 crore, two people aware of the development said.

The company had invited expressions of interest and received 11offers over the past few weeks.

After years of talking about it, DLF might finally take some action in bringing down its accumulated pile of debt. News reports suggest that the promoters of DLF would infuse Rs 10,000 crore in the company through a preferential allotment. The promoters will be receiving this huge sum of money in lieu of sale of their stake in their rental business.

Reports say promoters KP Singh and his family will be selling 40% of their stake in the rental business and use the proceeds of the fund to repay part of the loan in the parent company.

Shares of real estate companies were trading higher by up to 10% on the Bombay Stock Exchange (BSE) in early morning trade on the back of heavy volumes.

DLF, Unitech, Housing Development & Infrastructure (HDIL), Sobha, Oberoi Realty, Indiabulls Real Estate, Godrej Properties, Parsvnath Developers, Kolte Patil Developers and DB Realty were up 2%-10% on the BSE.

DLF shares jumped over 2 per cent intraday on Tuesday on media reports that Blackstone Group, GIC of Singapore and Brookfield Asset management have bid $ 1 billion for a 40 per cent stake in its commercial property unit, DLF Cyber City Developers (DCCDL)

At 1.02 pm, shares of the realty firm were trading 1.84 per cent up at Rs 132.90. The scrip opened at Rs 133 and has touched a high and low of Rs 134 and Rs 132.05, respectively, in trade so far.

Realty major DLF on Tuesday said it has entered into an amended agreement to sell its 32 screens of DT cinemas to multiplex operator PVR at a revised consideration of Rs 433 crore.

DLF operates the multiplex arm DT cinemas and exhibition business under its subsidiary DLF Utilities.

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