New Delhi, Apr 28: Realty firm DLF’s rental arm DCCDL has bought 26.43 per cent stake in Suncloud Solar for Rs 8.41 crore.
DLF holds 67 per cent stake in DLF Cyber City Developers Ltd (DCCDL), while Singapore sovereign wealth fund GIC has the remaining 33.33 per cent stake. DCCDL holds bulk of the office buildings and shopping malls of DLF group.
According to a regulatory filing on Thursday, DCCDL, through one of its wholly-owned subsidiaries DLF Info City Chennai Ltd, has agreed to acquire around 26.43 per cent shares of Suncloud Solar Pvt Ltd by way of cash consideration of Rs 8.41 crore.
Suncloud Solar is a special purpose vehicle of Cleantech Solar India OA 2 Pte. Ltd. It has been incorporated to undertake the construction, operation and maintenance of the captive generating plant and to supply, on captive basis, power generated from the captive generating plant to DLF Info City Chennai under the Power Purchase Agreement (PPA).
To qualify as captive user in terms of the Electricity Act, 2003 and the allied rules, DCCDL is required to subscribe to equity shares comprising at least 26 per cent of the issued and paid-up equity share capital of Suncloud Solar.
In December 2017, DLF had formed a joint venture with GIC after its promoters sold their entire 40 per cent stake in DCCDL for nearly Rs 12,000 crore. This deal included the sale of a 33.33 per cent stake in DCCDL to GIC for about Rs 9,000 crore and the buyback of remaining shares worth about Rs 3,000 crore by DCCDL.
DCCDL has rent-yielding commercial assets (office and retail) of around 40 million square feet. (PTI)
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