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Home / News / Business News / DLF exits the cinema business
  • Business

    DLF exits the cinema business

    Supriya
    Written by
    Supriya
    Mail
    Last updated on Sep 04, 2016, 09:06 am
    DLF exits the cinema business
  • India's largest real estate firm, DLF has been offloading its cinema business in tranches.

    According to disclosures made by DLF to the Bombay Stock Exchange on September 2, 2016, it sold its remaining seven movie theatres in South Delhi to Cinepolis for Rs.63 crore.

    This transaction will mark DLF's final exit from the cinema exhibition business.

  • In this article
    DLF Limited Stagnant real estate market Funding ban and legal woes add to DLF's problems Cutting down on massive debts DLF's sale of cinemas to PVR DLF's sale of promoters' stake to raise Rs.12000 crore DLF exits the cinema business
  • Information

    DLF Limited

  • DLF India is the largest commercial real estate developer in India. It was founded in 1946 and over the last seven decades has achieved a pan-India presence across 24 cities and 15 states. Their development projects span residential, commercial and retail properties.

  • Background

    Stagnant real estate market

    Stagnant real estate market
  • The early part of this decade was boom years for the real-estate market and developers piled on massive debt.

    However, over the last several years, developers have been unable to repay since the housing market has been in a slump.

    For the April - June 2016 quarter, unsold inventory stood at a ten year high; DLF's unsold inventory was the highest at Rs.17500 crore.

  • What

    Funding ban and legal woes add to DLF's problems

    Funding ban and legal woes add to DLF's problems
  • In August 2014, the Supreme Court levied a Rs.630 crore fine on DLF for 'abusing its dominant position' in the market.

    In October 2014, DLF was banned from the stock market for 3 years for failing to disclose pending legal cases at the time of it IPO in 2007.

    Around this time DLF 's stock shed 13% wiping out $1.2 billion in market value.

  • 2012-2014

    Cutting down on massive debts

    Cutting down on massive debts
  • DLF's debt as of June 30, 2016 had touched an astronomical Rs.23000 crore.

    In recent years, DLF has been exiting its non-core businesses to reduce its accumulated debt.

    In 2012, it sold 17 acres of land in central Mumbai and raised Rs.2800 crore.

    In 2013-14, it raised Rs.6000 crore by selling its wind energy business, insurance business and Aman Resorts, the luxury hotel chain.

  • June 2015

    DLF's sale of cinemas to PVR

    DLF's sale of cinemas to PVR
  • In mid-2015, PVR Cinemas agreed to buy DT Cinemas, a wholly owned subsidiary of DLF for Rs.500 crore.

    DLF then operated 29 screens across 8 locations in NCR and Chandigarh.

    At the time of announcement, Senior executive Director at DLF, Saurabh Chawla said, "The deal is in line with our strategy to focus on our core business and divest non-core businesses or assets."

  • August 20, 2016

    DLF's sale of promoters' stake to raise Rs.12000 crore

    DLF's sale of promoters' stake to raise Rs.12000 crore
  • DLF announced in October 2015, that promoters would offload 40 per cent of their rental arm, DLF Cyber City Developers to raise approximately Rs.12000 crore.

    A significant portion of the money raised from this stake sale will be reinvested into DLF to reduce debt.

    Potential investors were recently short listed and due diligence is expected to be completed in a 4-6 weeks time.

  • 04 Sep 2016

    DLF exits the cinema business

    DLF exits the cinema business
  • India's largest real estate firm, DLF has been offloading its cinema business in tranches.

    According to disclosures made by DLF to the Bombay Stock Exchange on September 2, 2016, it sold its remaining seven movie theatres in South Delhi to Cinepolis for Rs.63 crore.

    This transaction will mark DLF's final exit from the cinema exhibition business.

  • India
  • IPO
  • DLF
  • Bombay Stock Exchange
  • Supreme Court
  •  
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