DLF's KP Singh sells entire 0.59% stake for Rs 731 crore; stock down 3.7%

Founder KP Singh divested 0.59 per cent stake in DLF on Tuesday. He sold nearly 14.5 million shares at Rs 504.2 apiece to raise Rs 731 crore. Shares of the real estate major last closed at Rs 499.7, down 3.7 per cent over its previous close. Shares of DLF have rallied 33 per cent so far this calendar year.
 
The stock currently trades around its 15-year high. At the end of June 2023 quarter, the promoter holding in DLF stood at 74.95 per cent.
 
According to the DLF’s shareholding pattern as on June 30, 2023, 93-year-old Singh held 1,44,95,360 shares, which is equivalent to 0.59 per cent shareholding in the company.

 

In June 2020, Singh retired as the realty firm’s chairman after nearly six decades.
 
Having transformed Delhi Land & Finance Limited (DLF) into India’s biggest listed property firm, he handed over the reins to his son Rajiv Singh.
 
The DLF Chairman Emeritus had left an army job in 1961 to join DLF — a company started by his father-in-law in 1946.