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DLF promoters complete 33.34% stake sale to GIC

DLF Ltd.'s promoters have completed the sale of a 33.34% stake in the company's rental arm to Singaporean sovereign wealth fund GIC for 89.00 billion Indian rupees, Livemint reported.

The promoters planned to sell a 40% stake in the rental business, DLF Cyber City Developers Ltd.

The company said in a Dec. 26 filing that it has executed the agreement with Reco Diamond Private Ltd., an affiliate of GIC Real Estate, which now holds a 33.34% stake while the company holds a 66.66% stake.

In late November, the company had also announced its intention to conduct a qualified institutional placement to issue equity shares to raise approximately 35.00 billion rupees and issue warrants or debentures. The capital raising is meant to maintain DLF's public float following a capital infusion by the promoters.

The company plans to hold a board meeting Dec. 29 to consider and approve the allotment of the debentures and warrants to certain promoter group entities, in accordance with terms approved by the shareholders at the planned extraordinary general meeting Dec. 27.

DLF plans to use the funds to reduce its net debt, the Dec. 27 report noted.

As of Dec. 26, US$1 was equivalent to 64.06 Indian rupees.