The Foreign Investment Promotion Board (FIPB) has approved the proposal of DLF Limitless Developers Pvt Ltd, the 50:50 joint venture between DLF and Limitless, an official statement said.
The proposal was related to exit of foreign investors and the repatriation of capital as the construction sector project could not even acquire land, it added.
Sources said Limitless, a part of Dubai World, had invested around Rs 200 crore in the joint venture.
Country's largest realty firm DLF and Limitless had formed the JV in 2007 to develop a township spread over 9,178 acre at Bidadi in Karnataka, but the project did not take off as the state government could not initiate land acquisition.
Karnataka government had returned Rs 400 crore to the joint venture in April, 2009. After that, DLF Limitless Developers had approached FIPB to allow transfer of shares held by Limitless to DLF subsidiary, DLF Home Developers.
DLF stock price
On December 10, 2013, DLF closed at Rs 160.35, down Rs 4.8, or 2.91 percent. The 52-week high of the share was Rs 289.20 and the 52-week low was Rs 120.25.
The company's trailing 12-month (TTM) EPS was at Rs 2.17 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 73.89. The latest book value of the company is Rs 82.13 per share. At current value, the price-to-book value of the company is 1.95.
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