DLF Ltd’s much-anticipated stake sale in its rental portfolio could help India’s most valuable property developer reduce the debt on its books although analysts say its turnaround will only be complete when demand returns to the moribund residential real estate market. The stake sale aims to raise about Rs.12,000 crore with the promoters selling 40% in DLF’s commercial property arm, DLF CyberCity Developers Ltd, to institutional investors. The sale will see the creation of two verticals, a residential business with zero debt (DevCo) and a rental business from office and retail projects (RentCo).
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