DLF shares gain as promoters kick off $2bn divestment in rental arm

DLF share price climbed over 3 per cent intraday on Monday after the realty firm initiated the process to sell promoters’ 40 per cent stake in its rental arm, a deal estimated at Rs 12,000-14,000 crore.

At 2.16 pm, shares of DLF were trading 1.82 per cent up at Rs 120.60. The scrip opened at Rs 119.30 and has touched a high and low of Rs 122.40 and Rs 119.30, respectively, in trade so far.

The share price of DLF closed the day at Rs 120.55, 1.77 per cent higher against the previous close.

DLF had in October last announced that its promoters will sell their stake in the DLF Cyber City Developers (DCCDL), which holds the bulk of office and retail complexes. The realty firm would continue to own remaining 60 per cent stake in DCCDL. DLF’s bankers have circulated the information memorandum to 18-20 global institutional investors that are keen to purchase this stake.

DCCDL has about 25-26 million sq ft of leased commercial space with an annual rental income of about Rs 2,250 crore.

Blackstone, Singapore’s sovereign wealth fund GIC, Canada Pension Plan Investment Board, Brookefield, Abu Dhabi Investment Authority and Qatar Investment Authority are among the prospective buyers.

DLF Ltd