Singapore govt sells shares of DLF

Singapore govt sells shares of DLF
09/04/2019 , by , in News/Views

Singapore government on Monday sold 6.8 crore shares of realty giant DLF for Rs 1,298 crore through open market transaction, with its stock price tumbling sharply by over 8 per cent.

Singapore government held around 7.32 crore shares in DLF as on December 31, 2018. These shares were worth 4.11 per cent stake in the realty company.

In a bulk deal transaction on the NSE, Singapore government has sold nearly 6.8 crore shares of DLF at Rs 191.01 per share, translating the deal at Rs 1,298 crore.

Sources said that Singapore government has probably sold its share to rejig its portfolio and book profit as the company has significant exposure of about 1.7 billion dollar through its two joint ventures.

Singapore government through its sovereign wealth fund GIC has two joint ventures with DLF. In December 2017, GIC invested Rs 9,000 crore to acquire 33.43 per cent stake in DLF’s rental arm. It had also invested around Rs 2,000 crore to pick up 50 per cent stake in DLF’s two housing projects at Moti Nagar in Delhi.

As per NSE bulk deal data, French investment fund SocieteGenerale has picked up 2.08 crore shares of DLF at Rs 191 per share.

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