Rs 13,000 crore deal by DLF promoters in the offing
DSIJ Intelligence / 14 Aug 2017
In a deal estimated at Rs 13,000 crore, the promoters of DLF may sign an agreement this month with the Singapore sovereign wealth fund GIC to sell their 40% stake in a rental arm, as reported by a leading news daily.
In a deal estimated at Rs 13,000 crore, the promoters of DLF may sign an agreement this month with the Singapore sovereign wealth fund GIC to sell their 40% stake in a rental arm, as reported by a leading news daily.
In October 2015, DLF had announced that its promoters would sell their entire stake in the DLF Cyber City Developers (DCCDL), which holds the bulk of the commercial assets of the group. In March, the promoters signed an exclusivity pact with GIC to negotiate on this transaction. As per the report, the promoters would infuse a major portion of the proceeds from this proposed deal into DLF, which will use it cut its net debt that has accumulated to nearly Rs 26,000 crore.
On the BSE, the stock gained 12.16% at Rs 174.30 per share, attracting on the NSE a total traded volume of 1,65,65,145 shares and a traded value of Rs 28,089 lakhs.
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