New Delhi : Realty major DLF’s promoters are likely to enter into an agreement this month with Singapore’s sovereign wealth fund GIC to sell their 40 per cent stake in the rental arm in a deal estimated at around Rs 13,000 crore.
In October 2015, DLF had announced that its promoters would sell their entire stake in the DLF Cyber City Developers Ltd (DCCDL), which holds the bulk of the commercial assets of the group. The promoters had in March this year entered into an exclusivity pact with GIC to negotiate on this transaction.
According to market sources, both the parties are likely to sign definitive agreement by end of this month. Sources had earlier said the deal is likely to be valued at around Rs 12,000-13,000 crore.
The promoters would infuse a large portion of proceeds from this proposed deal into DLF, which in turn would use this amount to cut its net debt that has reached nearly Rs 26,000 crore.