DLF – GIC deal in final stage

Country’s largest realty developer DLF and Singapore’s sovereign wealth fund GIC have entered into the final stages of their deal for 40% stake sale in DLF Cyber City Developers (DCCDL) to GIC. According to DLF, the stake sale is estimated to be valued at $2 billion and it will be placed before the audit committee for approval soon. Promoters of DLF have entered into an exclusive agreement with GIC to sell their 40% stake in the rental arm DCCDL, which operates a portfolio of nearly 27 million sq ft commercial properties that are completely leased out. DLF had first announced its promoters' plan to sell their stake in DCCDL in October 2015. The deal value was then estimated at `12,000-14,000 crore. A substantial chunk of the proceeds would be reinvested in the company to help reduce debt, DLF said. The stake sale had initially attracted interest from around 25 investors and the list was then shortened to six entities.