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    9532   JP3180400008

OSAKA GAS COMPANY., LTD.

(9532)
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Delayed Japan Exchange  -  08:47 2022-08-17 pm EDT
2407.00 JPY    0.00%
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India's DLF mulls auction bid for New Delhi mall with base price of $366 million-sources

08/04/2022 | 12:39pm EDT
Workers walk past a billboard of DLF Ltd. at Gurgaon on the outskirts of New Delhi

NEW DELHI (Reuters) - India's biggest real estate developer DLF is evaluating a bid for a prominent New Delhi shopping mall which has a starting auction price of $366 million, according to two sources and a public notice seen by Reuters.

The 1.2 million square feet "Ambience Mall" in the posh southern district of India's capital has been put up for auction as its current owner, the Ambience Group, has not paid debt of $149 million to Indiabulls Housing Finance and other creditors, according to a previously unreported public auction notice.

DLF will review data related to the mall's occupancy status and contractual obligations and then consider whether to bid for it or not, one of the sources with direct knowledge said on Thursday.

DLF declined to comment. A director of Ambience Group, Aman Gehlot, declined to comment on the notice or auction process. Indiabulls did not immediately respond to Reuters queries.

The Ambience mall houses prominent brands like Swedish fashion retailer H&M and Uniqlo, owned by Japan's Fast Retailing. It is located right next to two other giant DLF malls on the same stretch, including one that houses luxury brands.

"It's a very well-located asset. It's become a destination in itself because of other malls around it. It's a bouquet of brands together," said the second source who declined to be named.

The Ambience Group's website states it has interest in residential and office real estate, as well as shopping malls and hotels.

A public notice stated the auction will end on Sept. 5 and that the reserve price for the mall was 29 billion rupees ($366 million). It was not immediately clear when the auction began.

An Indiabulls executive involved in the auction process told Reuters two companies had expressed interest in the mall already, but declined to share their names.

(Reporting by Aditya Kalra and Aditi Shah in New Delhi; editing by Marla Dickerson)

By Aditya Kalra and Aditi Shah


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
DLF LIMITED 0.32% 380.35 Delayed Quote.-2.89%
FAST RETAILING CO., LTD. -0.91% 87330 Delayed Quote.31.27%
HENNES & MAURITZ AB -1.68% 131.44 Delayed Quote.-24.93%
INDIABULLS HOUSING FINANCE LIMITED 2.02% 131.3 End-of-day quote.-39.77%
OSAKA GAS COMPANY., LTD. 0.00% 2407 Delayed Quote.25.20%
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Financials
Sales 2023 2 111 B 15 596 M 15 596 M
Net income 2023 59 640 M 441 M 441 M
Net Debt 2023 - - -
P/E ratio 2023 16,8x
Yield 2023 2,49%
Capitalization 1 000 B 7 391 M 7 391 M
Capi. / Sales 2023 0,47x
Capi. / Sales 2024 0,49x
Nbr of Employees 20 961
Free-Float 95,2%
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Mean consensus OUTPERFORM
Number of Analysts 5
Last Close Price 2 407,00 JPY
Average target price 2 482,00 JPY
Spread / Average Target 3,12%
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Managers and Directors
Masataka Fujiwara President & Representative Director
Takehiro Honjo Chairman
Issei Nomura Team Manager-Consolidated Administration
Hideo Miyahara Independent Outside Director
Kazutoshi Murao Independent Outside Director
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