Realty major DLF fell nearly 5 percent despite the audit committee approved the deal between the company and GIC for stake sale in rental arm DLF Cyber City Developers.
Promoters (K P Singh and family) will sell their entire 40 percent stake in the company’s rental arm DLF Cyber City Developers (DCCDL) for Rs 11,900 crore, including sale of 33.34 percent stake worth Rs 8,900 crore to Reco Diamond, an affiliate of GIC Real Estate, Singapore. The remaining shares would be bought back by the DCCDL for Rs 3,000 crore.
The fall in shares was may be due to long period for getting this stake sale proceeds. Analysts feel it will take 12-15 months for the company to receive entire amount.
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