Country’s largest realty firm, DLF, has announced to sell a 92 per cent stake in its wholly-owned retail subsidiary, DLF Brands, to a promoter group company for Rs 92 crore.
As a part of strategy to concentrate fully on the real estate business the company has decided to exit from non-core businesses.
DLF Brands has already paid up the equity capital of Rs 8 crore and has further approved the issue of equity shares to the promoter group company.
Billionaire K P Singh-promoted DLF said in an analyst presentation that the promoter group company would infuse Rs 92 crore in DLF Brands to acquire a 92 per cent stake.
Post-promoter infusion, DLF's stake in DLF Brands will be reduced to 8 per cent from the current 100 per cent, the presentation said. Following shareholders' approval, DLF Brands will cease to be a subsidiary of DLF.
"The move is in line with the strategic objective of DLF to exit from non-core businesses," the company said.
The company is also looking forward to strengthen its position in the hospitality chain, Aman Resorts and continue to improve as the global economic environment stabilises.