International Development News
Development News Edition
Give Feedback

Singapore sells stake in DLF for Rs 1,298 cr through open market transaction


Devdiscourse News Desk New Delhi
Updated: 08-04-2019 20:22 IST
Singapore sells stake in DLF for Rs 1,298 cr through open market transaction

In a bulk deal transaction on the NSE, the Singapore government has sold nearly 6.8 crore shares of DLF at Rs 191.01 per share, translating the deal at Rs 1,298 crore. Image Credit: ANI

Singapore government on Monday sold 6.8 crore shares of realty giant DLF for Rs 1,298 crore through an open market transaction, with it's stock price tumbling sharply by over 8 per cent. Singapore government held around 7.32 crore shares in DLF as on December 31, 2018 quarter. These shares were worth 4.11 per cent stake in the realty company.

In a bulk deal transaction on the NSE, the Singapore government has sold nearly 6.8 crore shares of DLF at Rs 191.01 per share, translating the deal at Rs 1,298 crore. Sources said that the Singapore government has probably sold its share to rejig its portfolio and book profit as the company has significant exposure of about 1.7 billion dollars through its two joint ventures.

Singapore government through its sovereign wealth fund GIC has two joint ventures with DLF. In December 2017, GIC invested Rs 9,000 crore to acquire 33.43 per cent stake in DLF's rental arm. It had also invested around Rs 2,000 crore to pick up 50 per cent stake in DLF's two housing projects at Moti Nagar in Delhi. As per NSE bulk deal data, French investment fund Societe Generale has picked up 2.08 crore shares of DLF at Rs 191 per share.

According to the sources, HSBC and other investors who had participated in DLF's recent QIP issue have also bought shares in this block deal. The bulk sale of shares by the Singapore government has come close in the heels of DLF's Rs 3,200 crore QIP issue where the realty company sold 17.3 crore shares at Rs 183.4 per share. Shares of the company closed at Rs 184.60, 8.43 per cent lower on the NSE, while at BSE it cracked 8.36 per cent to Rs 184.65.

(With inputs from agencies.)

COUNTRY : India Singapore

POST A COMMENT