DLF gets shareholder nod for promoters’ Rs 12,000 crore stake sale

DLF gets shareholder nod for promoters’ Rs 12,000 crore stake sale
03/10/2017 , by , in News/Views

Realty major DLF said its shareholders have approved the promoters’ decision to sell their entire 40 per cent stake in the rental arm for Rs 11,900 crore. This deal, the biggest in the country’s realty space, included sale of 33.34 per cent stake in DLF Cyber City Developers Ltd (DCCDL) to Singapore’s sovereign wealth fund GIC for Rs 8,900 crore and a buyback of the remaining shares worth Rs 3,000 crore by DCCDL.

In a filing to the BSE, DLF said a special resolution to approve this transaction was passed at the company’s AGM held yesterday. As many as 99.96 per cent of shareholders voted in favour. The promoters, who hold 75 per cent stake in DLF, did not vote on this resolution.

“Institutional investors have overwhelmingly supported this strategic transaction, which will be a game-changer for the company. This will not only remove conflict of interest and reduce significantly the company’s overall debt, but create free cash flows,” DLF’s Senior Executive Director (Finance) Saurabh Chawla told PTI.

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