Leading real estate firm DLF on Wednesday said it plans to make investments up to Rs 4,100 crore, including Rs 200 crore for setting up an asset management company.
The firm would be investing Rs 1,550 crore in DLF Limitless Developers Pvt Ltd, it said in a filing to the BSE.
Further, an investment of Rs 200 crore each would be made in the proposed asset management firm and a trustee company.
Subject to approval from the concerned Registrar of Companies, the asset management and trustee firms would be called DLF Pramerica Asset Managers Pvt Ltd and DLF Pramerica Trustees Pvt Ltd respectively.
The remainder investments would be made in Shivajimarg Properties Ltd (Rs 750 crore), DLF Southern Homes Pvt Ltd (Rs 750 crore), DLF New Gurgaon Homes Developers Pvt Ltd (Rs 600 crore), Jai Luxmi Real Estate Pvt Ltd (Rs 10 crore), Solid Buildcon Pvt Ltd (Rs 10 crore), Paliwal Real Estate Pvt Ltd (Rs 10 crore) and Triumph Electronics Pvt Ltd (Rs 20 crore).
Further, DLF would be giving loans up to Rs 8,800 crore to these ten companies.
In addition, the company would be providing guarantee(s) worth up to Rs 8,800 crore to these firms.
Moreover, the firm would contribute from time to time to charitable and other funds not exceeding Rs 250 crore in any financial year. The charitable and other funds would not be directly related to the business of the company or the welfare of its employees.
The firm would seek shareholders approval for these proposals through postal ballot. The duly completed postal ballot forms should reach the scrutiniser on or before March 24 and the results would be announced on March 31.
Shares of the company closed at Rs 681.35, up 0.47 per cent on the BSE.
Source: economictimes.indiatimes.com March-06-08
