DLF attracts private equity funds in township projects

New Delhi, Nov 19 (UNI) Realty major DLF Ltd today said it has attracted participation of private equity real estate funds in its township projects, by diluting 49 per cent equity stake at a premium in seven residential projects to a Merrill Lynch&Co for a consideration of Rs 1,481 crore.

The firm has also diluted 49 per cent of its equity stake at a premium in another middle-income housing project in Panchkula, Haryana to Brahma Investments, for a consideration of Rs 194 crore.

The transactions will help DLF unlock its investments in land resource for the eight projects and also help in increasing rate of return to DLF shareholders,'' company's Managing Director T C Goyal said.

The mid-income housing projects located in Chennai, Bangalore, Kochi and Indore will be developed in about 7-8 years time frame, Mr Goyal said in a statement.

UNI