DLF Plans Rs 1,086.2 Crore Block Deal

1 Aug 2023 , 10:08 AM

A block deal worth Rs 1,086.2 crore is scheduled for real estate developer DLF on August 1, as per sources informed CNBC TV-18 on July 31. The deal will be executed at a 3 % discount to the current market price (CMP) and involves the promoter group as the seller.

DLF reported a consolidated net profit of Rs 526.11 crore for the quarter ending June 2023, exceeding the figures from the same quarter last year, which stood at Rs 469.21 crore.

DLF recently announced its re-entry into the Mumbai property market, with plans to launch close to nine lakh square feet (sq ft) of space in Andheri West by the end of the fiscal year in collaboration with Trident Group, its partner.

The project in Mumbai’s metropolis is part of the first phase and has a potential saleable area of 30 to 35 lakh sq ft. DLF is investing close to Rs 400 crore as equity for the development of the entire project.

Despite challenges posed by the COVID-19 pandemic, DLF maintained its total income at Rs 1,521.71 crore in the April-June quarter, showing a marginal increase from the corresponding quarter last year’s total income of Rs 1,516.28 crore.

The upcoming block deal in DLF is likely to attract attention from investors and market watchers, indicating the promoter group’s confidence in the company’s future prospects.

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