DLF promoters conclude deal with GIC

DLF‘s promoters have concluded sale of 33.34% stake in rental arm to Singapore’s sovereign wealth fund GIC for nearly Rs. 9,000 crore, according to report.

Earlier in August, the promoters had sold the entire 40% stake in DLF Cyber City Developers Ltd (DCCDL) for Rs. 11,900 crore.

Yesterday, DLF said that subsequent to fulfilment of all conditions precedent specified in the agreement, the sale and purchase of the securities and other closing actions were completed on December 26.

The company added, “Accordingly, the company and the investor (GIC) now hold 66.66% and 33.34% of the paid-up equity capital in DCCDL, respectively,”.

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Yash Ved
Yash Ved is a Senior Correspondent at NewsBarons and comes with a decade of experience across leading online and offline publications. A keen observer of the stock index movement, Yash also likes covering Real Estate and the BFSI sector. A financial management and Journalism student, Yash believes learning as a continuous journey and enjoys following the IT and the Pharmaceutical industry and has penned many articles on the subjects.