DLF to decide on arm's stake sale to GIC tomorrow

After months of negotiation, India’s largest real estate firm, DLF, is likely to announce its 40 per cent stake sale of DLF Cyber City Developers (DCCDL), for Rs 13,000 crore, to an affiliate of Singapore’s GIC in its next board meeting on August 25.

The sale would bring some relief to DLF, which reported a decline of 58 per cent in its consolidated net profit at Rs 109.01 crore for the quarter ended June.

According to sources in the company, after the deal gets the final nod from the board, GIC would seek approval from the CCI, and then DLF would approach shareholders for a go-ahead.