India’s largest realty firm, DLF’s promoters are expected to sign a deal of estimated Rs 12,000-14,000 crore with two large investors for selling their 40 per cent stake in rental business by next quarter.
After announcement of selling 40 per cent stake in DLF Cyber City Developers Limited (DCCDL), the realty major is going to reinvest a significant part of the amount in DLF limited. The company holds 60 per cent in DCCDL and rest with its promoters. The bulk of DLF’s commercial assets is held by its rental arm earning an annual rent of Rs 2,700 crore.
“The due diligence exercise has been completed. The bankers and legal advisors are evaluating and negotiating the offers as well terms and conditions,” says Saurabh Chawla, Senior Executive Director, Finance, DLF.
He also added that the transaction is running slightly behind their initial estimates and the closure of transaction might flow into the next year for seeking regulatory approvals.
Source: ET Realty