DLF board meeting to decide on DCCDL stake sale to GIC
Real estate developer DLF 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 board meeting which is to be held on Friday.
DLF has informed in a regulatory filing 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.
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 Rs 12,000-14,000 crore. A substantial chunk of the proceeds would be reinvested in the company to help reduce debt, it had said.