new delhi oct 2 realty major dlf has settled the entire rs 8700 crore amount payable to dlf cyber city developers ltd dccdl its joint venture with singaporebased gic by transferring various completed commercial properties and land parcels as well as cash payment with settlement of this dues the company said it has completed the exercise of transforming its balance sheet and consolidation of all rental assets under the dccdl dlf holds 67 per cent stake in dccdl while singapores sovereign wealth fund gic holds 33 per cent at the end of 2018 dlf owed rs 8700 crore to dccdl and the amount payable came down to rs 5600 crore by july 1 2019 in a filing to the bse on wednesday dlf said the intercompany payables have now been fully settled as part of the settlement dlf has transferred its shareholding in its arm dlf info park developers chennai at an enterprise value of rs 1000 crore this subsidiary holds nearly 27 acres of land that apart it has transferred its shopping mall in saket south delhi for an enterprise value of rs 1012 crore dlf also transferred its shareholding and compulsorily convertible debentures 482 per cent of the fully diluted capital in fairleaf real estate pvt ltd a joint venture company that owns one horizon center commercial project in gurugram for an enterprise value of rs 1700 crore according to sources dlf has settled around rs 2000 crore through cash this has been a major restructuring exercise and has now resulted in a larger alignment of the groups rental assets under the dccdl platform dlf said after these transfers and consolidation of commercial assets dlf said dccdl is positioned even more strongly to continue its growth journey the total settlement of receivables net of values received for transfer of shareholding dividend received from dccdl and other intercompany adjustments will result in an increase in the companys net debt by only rs 475 crores approx the filing said dlf said it has completed the final chapter of its balance sheet transformation earlier dlf had transferred mall of india project at noida uttar pradesh to dccdl at an enterprise value of rs 2950 crore the realty firm had also transferred 305 acres land parcel at gurugram haryana dccdl currently holds nearly 30 million sq ft of rentyielding commercial assets largely in gurugram with annual rental income of about rs 3000 crore in december 2017 dlf entered into this joint venture with gic when dlf promoters sold their entire 40 per cent stake in dccdl for nearly rs 12000 crore this deal included sale of 3334 per cent stake in the dccdl to gic for about rs 9000 crore and buyback of remaining shares worth about rs 3000 crore by dccdl mjh kpm abm abm