DLF acquires 29 acres land in Gurugram's Golf Course Extension for ₹825 crore

"The company, directly or through its affiliates, intends to acquire overall rights and interest in a land parcel measuring 29 acres having estimated development potential of up to 7.5 million square feet, after following due process of law. Out of the identified land, land measuring 25 acres forms part of the mortgaged land," the company said.

In light of the ongoing litigation concerning the defaulted bonds and auction proceedings, DLF, through its wholly-owned subsidiary DLF Home Developers Ltd (DHDL), had previously participated in the auction for a portion of the mortgaged land.

However, DHDL's bid was not accepted, leading to the current pursuit of strategic alternatives, including the purchase of bonds and securing the rights associated with them. The company's proactive strategy involves not only the acquisition of defaulted bonds but also extends to potential settlements with the bond issuer and its affiliates.

"Accordingly, the company has entered into an agreement with the bondholder, wherein the company will purchase the said bonds at a negotiated consideration of ₹825 crore and would assume the rights of the bondholder. The company is purchasing the bonds as a strategic investment and would be looking at rights under the bonds documentation including enforcement, and settlement with the bond issuer including its affiliate(s), after following due process of law and approvals and sanctions as may be required," the realty major said.

DLF, directly or through its affiliates, envisions assuming overall rights and interests in the identified land, emphasising due legal processes, approvals, and sanctions in the pursuit of its strategic goals.

Shares of DLF Ltd ended at ₹758.55, up by ₹11.10, or 1.49%, on the BSE.