DLF edges higher after signing deal to sell Kolkata IT/ITeS SEZ business for Rs 693 crore

In a regulatory filing made after market hours yesterday, the company informed that it has entered into a definitive Master Framework Agreement (MFA) with Srijan Group for sale of its Kolkata IT/ITeS SEZ business.

The IT/ITeS SEZ business comprises of freehold land parcel admeasuring nearly 25.90 acres, situated in Kolkata along with constructed building namely DLF Tech Park with a gross leasable area of approximately 10,54,357 square feet.

The agreed consideration is Rs 693 crore, subject to requisite adjustments as agreed in the MFA.

The Srijan Group comprises of Srijan Realty Private Limited, Makalu Builders LLP and Gangapurna Projects LLP.

The transaction is made as part of a business strategy to generate revenue, improving cash flow resulting in an increase in shareholders' value,' DLF said in a statement.

DLF is one of the oldest and largest real estate companies in India. It has a diverse asset portfolio across the real estate segment and is further expanding its presence across the country. The company has experience in developing real estate projects across business and customer segments.