promoters' 40%stake sale in DLFCyber City Developers Ltd. is expected to rake in between 120.00 billion Indianrupees and 140.00 billion rupees, the Press Trust of India reported April 10,citing unnamed sources.
Thepromoters, KP Singh and family, purportedly began the process of selling theirstake in the company's rental unit, as evidenced by DLF bankers' distributionof an information memorandum to a group of 18 to 20 global investors, accordingto the sources.
andSingaporean sovereign wealth fund GIC are among the potential buyers, aspreviously reported.Other interested parties include the Abu Dhabi Investment Authority, QatarInvestment Authority, Brookfield Asset Management and Canada Pension PlanInvestment Board.
DLFinitially disclosedthe plan by its promoters in October 2015 to support a strategy of monetizingthe Indian company's rental assets through stake divestments to institutionalinvestors. It will continue to hold the 60% interest in DLF Cyber City afterthe sale.
SaurabhChawla, DLF senior executive director-finance, said in February that the stakedivestment is expected to be completed by July.
Meanwhile,in a separate report PTI said April 11 that DLF's shares rose more than 3% onthe same day over the previous close, following news of the stake sale. Thecompany said its stock prices as of the same day rose to 120.55 rupees pershare on the Bombay Stock Exchange Ltd. and 120.7 rupees per share on theNational Stock Exchange of India Ltd., according to its website.
As of April 11, US$1 wasequivalent to 66.35 Indian rupees.