DLF to buy residual stakes in entities owning 63 acres land in Gurugram for Rs 40 crore

Realty major DLF will acquire residual stakes in certain entities that own 63 acres of land parcels in and around Gurugram for around Rs 40 crore. DLF acquired development rights for these land parcels in 2009-10.

In a regulatory filing on Tuesday, DLF said the finance committee of its board has approved the acquisition of around 5.22 percent shareholding in Invecon Pvt Ltd and 4.48 percent and 3.24 percent shareholding in its affiliates namely Vikram Electric Equipment and Uni International, respectively. These entities are collectively referred to as 'land-owning companies'.

The land-owning companies collectively hold around 63 acres of land parcels in and around Gurugram, for which the company already has existing agreements. DLF said it is executing definitive agreements with the sellers and the land-owning companies along with its six other affiliates.