DLF’s rental arm DCCDL buys 26.43% stake in Suncloud Solar for ₹8.41 crore

Cash consideration of ₹8.41 crore

Realty firm DLF’s rental arm DCCDL has bought 26.43% stake in Suncloud Solar for ₹8.41 crore.

DLF holds 67% stake in DLF Cyber City Developers Ltd. (DCCDL), while Singapore sovereign wealth fund GIC has the remaining 33.33% 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 about 26.43% shares of Suncloud Solar Pvt. Ltd. by way of cash consideration of ₹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% 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% stake in DCCDL for nearly ₹12,000 crore. This deal included the sale of a 33.33% stake in DCCDL to GIC for about ₹9,000 crore and the buyback of remaining shares worth about ₹3,000 crore by DCCDL.

DCCDL has rent-yielding commercial assets (office and retail) of about 40 million square feet.