GIC of Singapore is set to enter into exclusive bilateral negotiations with KP Singh and his family, the promoters of India’s largest real estate firm DLF Limited, to acquire their 40% stake in DLF Cyber City Developers Limited (DCCDL), the company that owns a portfolio of leased commercial assets, including the entire Cyber City complex in Gurgaon.
The deal will help the promoters raise about Rs 12,000 crore, valuing the rental arm at nearly Rs 40,000 crore, inclusive of its Rs 10,000-11,000 crore debt, said two persons familiar with the negotiations.
The promoters plan to use most of these funds in subscribing to a Rs 10,000-crore preferential issue of DLF Limited, which in turn will use this money to retire a portion of its debt.
“The agreement is likely to be signed soon,” said one of the persons quoted above. The balance 60% in DCCDL is owned by DLF Limited.
Read more: ETRealty
