In the joint venture firm DLF Cyber City Developers Ltd (DCCDL), DLF has 66.66 per cent stake while GIC holds the remaining 33.34 per cent. GIC acquired the stake in DCCDL in late December from DLF promoters for about Rs 9,000 crore.
In an analyst presentation, DLF said it needs to pay about Rs 9,300 crore to DCCDL.
"Payables to DCCDL Group to be settled via sale of certain yielding assets and land parcels earmarked for commercial use," it added.
DLF has completed rent-yielding assets in Delhi and has commercial land parcels in Gurugram and Chennai that can be transferred to DCCDL, Chawla said, adding that the company is in discussions with GIC to transfer these assets.
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"We will square off DLF payables to DCCDL by transferring some commercial assets," Chawla said.
India's largest realty firm is likely to transfer about Rs 3,500 crore worth completed rental assets and about Rs 6,000 crore worth land parcels.
Moreover, DLF can sell land parcels earmarked for commercial development to the JV.
DLF promoters -- K P Singh and family -- had in August last year sold entire 40 per cent stake in DCCDL for Rs 11,900 crore. This deal included sale of 33.34 per cent stake in DCCDL to GIC for Rs 8,900 crore and buy-back of remaining shares worth Rs 3,000 crore by DCCDL.
This deal got concluded in late December. As a result, DLF's stake in DDCDL increased to 66.66 per cent from 60 per cent, while GIC has the balance stake in the JV.
DLF has made preferential allotment of compulsorily convertible debentures (CCDs) and warrants to the promoters against infusion of funds.
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