Realty major DLF’s promoters have concluded the sale of 33.34 per cent stake in rental arm to Singapore’s sovereign wealth fund GIC for nearly Rs 9,000 crore.With the closure of this deal, DLF promoters have received Rs 8,950 crore from GIC and another Rs 1,600 crore from the rental arm, DLF Cyber City Developers Ltd (DCCDL).The promoters will infuse net proceeds into DLF, which in turn will use the amount to reduce its debt significantly from the current Rs 27,000 crore.
In late August, the promoters had sold the entire 40 per cent stake in DCCDL for Rs 11,900 crore. This deal included sale of 33.34 per cent stake in DCCDL to GIC for Rs 8,900 crore and buyback of remaining shares worth Rs 3,000 crore by DCCDL.
According to sources, the promoters have received Rs 8,950 crore from GIC and another Rs 1,600 crore from DCCDL as first tranche of the buyback of shares. The next tranche of Rs 1,400 crore will be due after a year.