Real estate major DLF has sold 49% equity stake at a premiun in seven residential projects to a subsidiary of Merrill Lynch & Co for Rs 1,481 crore. According to a release issued by DLF to the BSE today, the company has sold equity stake in mid-income housing projects located in Chennai, Bangalore, Kochi and Indore to the Merrill Lynch company. The projects are to be completed in seven-eight years.The company has also diluted 49% equity stake at a premium in another middle-income housing project in Panchkula, Haryana to Brahma Investments for Rs 194 crore. DLF managing director T C Goyal said, "as a part of its strategic objective, DLF continues to remain focused on keeping its net economic interest in homes business to a ten year development horizon. Accordingly, these two transactions shall help DLF unlock its investments in land resource for the eight projects and also help in increasing rate of return to DLF shareholders. Besides resulting in positive NAV accretion for DLF, the transactions would provide good returns for the PE investor."
