Gurgaon : DLF up 3% as promoters kick off divestment in rental arm

DLF had in October announced that its promoters will sell their stake in the DLF Cyber City Developers Ltd (DCCDL),which holds the bulk of office and retail complexes.

Shares of realty major DLF   today climbed over 3 per cent after the company initiated the process to sell promoters’ 40 per cent stake in the rental arm, a deal estimated at Rs 12,000-14,000 crore. Shares of the firm were trading at Rs 122.40 on BSE, up by 3.33 per cent over the previous close. On NSE, the stock surged 3.42 per cent to trade at Rs 122.45. DLF had in October announced that its promoters will sell their stake in the DLF Cyber City Developers Ltd (DCCDL),which holds the bulk of office and retail complexes. The realty firm would continue to own remaining 60 per cent stake in DCCDL. According to sources, DLF’s bankers have circulated the information memorandum to 18-20 global institutional investors that are keen to purchase this stake. Blackstone, Singapore’s sovereign wealth fund GIC, Canada Pension Plan Investment Board, Brookefield, Abu Dhabi Investment Authority and Qatar Investment Authority are among the prospective buyers, they added.

Source at: http://www.moneycontrol.com/