DLF to sell 40% Cyber City stake for $2bn - Startup news, funding, investment, entrepreneurs, earn money, technology etc

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Wednesday, March 1, 2017

DLF to sell 40% Cyber City stake for $2bn

DLF K P Singh and his family have decided to sell their entire 40% equity in their flagship company in commercial space DLF Cyber City Developers (DCCDL) to Singapore-headquartered private equity firm GIC, formerly known as Government of Singapore Investment Corporation.

Also see: Reliance Capital to sell 1% stake in Paytm for $50-60 mn

The deal size at around Rs 14,000 crore ($2 billion). At this price, DLF's rental arm DCCDL could be valued at around Rs 35,000 crore.

The promoters will invest the proceeds from the sale back to the company. This will lead to increase their holding in DLF beyond 75%. At present, they hold 74.9% of the total paid-up capital.

In DCCDL, the promoters' hold 40% stake and the rest is owned by DLF.

The main income of DCCDL is rental from office complexes. DCCDL owns 26.8 million sq ft operational office and commercial space in Gurgaon, Chandigarh and Kolkata. Apart from Cyber City in Gurgaon, the company owns DLF City Centre, including Mall of India in Gurgaon, premium malls DLF Promenade (100%) and DLF Emporio (45%) in South Delhi. It owns 100% stakes in DLF Info City in Chandigarh and Kolkata.

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