Sources said that Singapore government has probably sold its share to rejig its portfolio and book profit as the company has significant exposure of about 1.7 billion dollar through its two joint ventures.
Singapore government through its sovereign wealth fund GIC has two joint ventures with DLF. In December 2017, GIC invested Rs 9,000 crore to acquire 33.43 per cent stake in DLF's rental arm. It had also invested around Rs 2,000 crore to pick up 50 per cent stake in DLF's two housing projects at Moti Nagar in Delhi.
According to the sources, HSBC and other investors who had participated in DLF's recent QIP issue have also bought shares in this block deal.
The bulk sale of shares by Singapore government has come close in the heels of DLF's Rs 3,200 crore QIP issue where the realty company sold 17.3 crore shares at Rs 183.4 per share.
Shares of the company closed at Rs 184.60, 8.43 per cent lower on the NSE, while at BSE it cracked 8.36 per cent to Rs 184.65.
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