DLF says board meeting on Friday to decide on rental arm stake sale to GIC

MUMBAI: Realty developer DLF, in a board meeting to be held on Friday, will review and decide on its promoters’ proposal to sell their 40% in its rental arm DLF Cyber City Developers Ltd (DCCDL) to Singapore government’s sovereign wealth fund GIC.

In a regulatory filing, DLF has informed that a meeting of the audit committee will be held on August 25 to consider and review the status of the proposed sale of CCPS held by CCPS holders to a GIC affiliate including the key terms and conditions and make appropriate recommendations to the board.

"The board will in its meeting scheduled to be held later on August 25, 2017, consider the said recommendations and take appropriate decisions, as required," the notice said.

According to a company official, following the final agreement between DLF and GIC, the latter will seek permission from the Competition Commission of India (CCI) and DLF will approach shareholders for their approval.

Last week, DLF had told analysts that deal estimated to be valued at $2 billion (around Rs 13,000 crore) has entered the final lap and 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 Ltd