In a bid to reduce its debt, realty major DLF Ltd has concluded the sale of 33.34 per cent stake in its rental arm to sovereign wealth fund GIC for about ₹9,000 crore.
In a communication to the stock exchanges, DLF stated that subsequent to the fulfilment of conditions specified in the agreement, the sale and purchase of the securities and other closing actions have been completed on December 26. “... the company and the investor (GIC) now hold 66.66 per cent and 33.34 per cent of the paid-up equity capital in DCCDL, respectively,” it said.
In August, the company had announced that the promoters had sold the entire 40 per cent stake in rental arm DLF Cyber City Developers Ltd (DCCDL) for ₹11,900 crore. This included sale of 33.34 per cent stake in DCCDL to GIC and buyback of remaining shares worth ₹3,000 crore by DCCDL.
The company’s board of directors will meet on Friday to consider and approve the allotment of CCDs and warrants to certain promoter group entities in accordance with terms to be approved by the shareholders.
DLF shares were down 2.26 per cent to ₹248.20 at close on Wednesday on the BSE.