You are here: Home » Markets » News
Business Standard

DLF slips in red after rising over 3% as it seals JV deal with GIC

The promoters sold 33.34% stake in the rental arm to the Singapore sovereign wealth fund

SI Reporter  |  New Delhi 

DLF

Realty major 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 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 surged as much as 3% to Rs 192 in the early trade. The pared all its gains to hit its intraday low of Rs 180, down 2%.   

In the biggest deal in the Indian real estate sector, promoters on Friday decided to sell their entire 40 per cent stake in a rental arm Cyber City Developers (DCCDL) for Rs 11,900 crore that included the stake sale to as well as buyback of by DCCDL.

With this deal, stake in the DCCDL will increase to 66.66 per cent from 60 per cent while will have 33.34 per cent stake.

In a joint statement, and announced that they have entered into a strategic partnership to develop a rental assets portfolio under the consolidated portfolio of the DCCDL. 

First Published: Mon, August 28 2017. 10:09 IST
RECOMMENDED FOR YOU