Realty major DLF
wiped off all its morning gains to slip in red on Monday after the company on Sunday said it has entered into a joint venture (JV) with GIC
to build rental assets in India. READ FULL REPORT HERE
The promoters sold 33.34% stake in the rental arm to the Singapore sovereign wealth fund for Rs 8,900 crore.
Reacting to the development, the stock
surged as much as 3% to Rs 192 in the early trade. The stock
pared all its gains to hit its intraday low of Rs 180, down 2%.
In the biggest deal in the Indian real estate sector, DLF
promoters on Friday decided to sell their entire 40 per cent stake in a rental arm DLF
Cyber City Developers (DCCDL) for Rs 11,900 crore that included the stake sale to GIC
as well as buyback of shares
With this deal, DLF
stake in the DCCDL will increase to 66.66 per cent from 60 per cent while GIC
will have 33.34 per cent stake.
In a joint statement, DLF
announced that they have entered into a strategic partnership to develop a rental assets portfolio under the consolidated portfolio of the DCCDL.