DLF promoters close to clinching Rs 12,000-14,000 crore deal

The promoters of India's largest commercial real estate developer, DLF, are in the final stage of discussion with investors for selling their 40 per cent stake in DLF Cyber City Developers Ltd. (DCCDL) for around Rs 12,000-14,000 crore. The deal will be soon presented to the Committee of Independent Directors for evaluation and final decision. 

On Wednesday, DLF had announced that the conversion period for CCPS issued to the promoters in DCCDL has been extended by one year at their request to facilitate its sale. After conversion of CCPS into ordinary shares, the promoters will have a 40 per cent stake in DCCDL. 

Earlier, in October 2015, the company had announced that its promoters would sell their entire stake in DCCDL, which holds the bulk of the commercial assets of the group. However, according to reports, global investors Blackstone and GIC are in the race to acquire the 40 per cent stake of DLF promoters in DCCDL, while, DLF will hold the remaining 60 per cent in DCCDL. The promoters will infuse capital in DLF to cut net debt of over Rs 24,000 crore. 

The shares of DLF Ltd. on Thursday fell 6.98 to close at Rs 137.20 on the BSE, after the company reported a 46 per cent decline in net profit amid concerns over delay in the proposed deal.