DLF Ltd, India's largest-listed real estate firm, said on Saturday one of its units had bought 245 million compulsorily convertible preference shares in a group company, DLF Assets, from private equity firm SC Asia Pte Ltd for 30.85 billion rupees ($696 million).

After the deal, the DLF unit's stake in DLF Assets has risen to 91.9 percent, while SC Asia through its investment arm would continue to hold a 4.59 percent stake, the real estate firm said in a statement to the stock exchange.

In December last year, DLF board approved absorbing DLF Assets, then owned by the founders of DLF.

DLF said in Saturday's statement that the deal to buy shares from SC Asia was in line with its strategy of consolidating shareholding of DLF Assets, which operates rental assets and owns a property trust.

DLF may revive a planned Singapore IPO of the property trust, which had been put on hold in 2008 due to global financial crisis, banking sources told Reuters earlier this month.

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