GIC Singapore may buy 40% stake in DLF worth Rs. 12000 crore.

GIC Singapore may buy 40% stake in DLF worth Rs. 12000 crore.

daily-newNew Delhi: DLF Cyber City Developers Limited (DCCDL), the rental arm of DLF group soon will be in a partnership 0f 60 – 40 with the GIC of Singapore, as the GIC leads the race to buy 40% stoke under a deal of Rs. 12000 crore valuing the rental arm at nearly Rs. 40000 crore.

These funds will be used by DLF in subscribing to Rs. 10000 crore preferential issues of DLF limited which will in turn retire some of its debts.

A DLF spokesperson declined to comment. “We do not wish to comment on speculation. We are in our silent period as our quarterly results are scheduled for February 14,” said the spokesperson.

The proposed transaction will reduce DLF Ltd’s debt in a two-step transaction. The promoters will pump Rs 10,000 crore into India’s largest real estate developer by purchasing shares in a preferential issue with funds raised from the sale of their stake in the company’s rental unit.

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