New Delhi : Realty major DLF has appointed JP Morgan and Morgan Stanley as merchant bankers for proposed sale of promoters’ 40% stake in the company’s rental arm DLF Cyber City Developers to institutional investors.
The company has also roped in Pricewaterhouse Coopers as tax consultant and Shardul Amarchand Mangaldas as law firm to help execute this deal, which is estimated to be valued at around Rs 12,000 crore, sources said. Earlier this month, the company’s board had decided that DLF promoters – KP Singh family – will sell their 40 per cent stake in the company’s rental arm DLF Cyber City Developers Ltd (DCCDL).
Promoters will re-invest a significant part of the amount realised from the proposed sale in DLF Ltd, which in turn would utilise this fund to trim its debt that stood at more than Rs 21,000 crore as on June.
