DLF Ltd, India’s largest real estate developer, has shortlisted bidders for the ongoing office stake sale transaction and expects to receive binding, updated bids in the form of shareholder agreement once the short-listed bidders complete their due diligence. The realty firm circulated the information memorandum to a number of investors across the globe in April, and received bids from sovereign pension funds and private equity investors in June. The transaction is critical for DLF, which aims to raise Rs.12,000 crore with the promoters selling 40% in its commercial property arm, DLF CyberCity Developers Ltd, to institutional investors.
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