DLF’s audit panel to review progress of promoter stake sale

NEW DELHI: An audit committee of realty major DLF’s board of directors will meet today to review the progress of promoters’ proposed stake sale in its rental arm, a deal estimated at around Rs 12,000 crore.

India’s largest realty firm DLF has shortlisted few potential investors to sell promoters’ stake in rental arm DLF Cyber City Developers Ltd (DCCDL).

Last October, DLF had announced that its promoters would sell 40 per cent stake in DLF Cyber City Developers (DCCDL). They would be reinvesting a significant part of the amount realised from this deal into DLF Ltd.

“A meeting of the audit committee of the board of directors has been scheduled to be held on October 21, 2016. The audit committee will review the progress of the CCPS (compulsorily convertible preference shares) sale transactions,” DLF had said in a regulatory filing.

Earlier, sources had said Blackstone, Singapore’s sovereign wealth fund GIC and Abu Dhabi Investment Authority are among the shortlisted investors.

DCCDL has about 25-26 million sq ft of leased commercial space with an annual rental income of about Rs 2,250 crore. It also has 20 million sq ft of future development potential.