DLF deal delay has Street worried as debt clock ticks

DLF stocks tanks 8% on promoters plan to sell 40% stake in rental arm

The DLF stock fell 8.11% on BSE on Thursday a day after the realty major announced its promoters would sign with Singapore’s GIC Pte the much-awaited deal to sell their entire 40% stake in DLF Cyber City Developers Ltd (DCCDL). 

DLF holds about 60% in DCCDL, the company’s rental arm, while the promoters have the rest. 

The company says it has got audit committee approval to negotiate and enter definitive shareholding agreements.

The deal, which is estimated to fetch the promoters Rs 12,000-14,000 crore, is expected to help DLF significantly cut its over Rs 24,000-crore net debt. Against this backdrop,