Realty major DLF today said its board will meet on October 8 to discuss the recommendations made by a committee on ways to drive the growth of company’s rental business worth Rs 2,400 crore.
“A meeting of the Board of Directors has been scheduled on October 8 to consider and deliberate on the recommendations, if any, of the Audit Committee which is scheduled to meet on October 8,” the company informed in a filing to the BSE.
In August last year, DLF had asked its independent directors to review the rental business and suggest ways to drive long-term growth.
DLF had recently said the Committee is “expected to complete their strategic review of the RentCo business and recommend the best path to the Board, not only to resolve the Promoter CCPS (Compulsorily Convertible Preference Shares) issue but also create a ‘RentCo’ platform in partnership with large, long term investors”.
In late 2009, DLF had announced merger of its subsidiary DCCDL with promoters’ firm Caraf Builders & Constructions, the holding company of DLF Assets.
DLF’s promoters in March this year decided to defer till March next year conversion of securities held in the realty major’s subsidiary into equity shares and also slashed the coupon rate from 9 per cent to 0.01 per cent.
DLF has a land bank of nearly 300 million sq ft, of which about 50 million sq ft is under construction.