DLF is all set to sell promoters’ 40% stake in rental arm, shortlists 6 potential names

DLF, which is India's largest commercial real estate developer, has shortlisted six names, who could potentially buy the 40% promoters’ stake in its rental arm, called DLF Cyber City Developers Limited.

The deal is expected be worth about Rs 13,000 crore, as per ET sources.

Over the weeks gone by, DLF had invited expressions of interest, receiving about 11 offers, from which GIC, Blackstone, Warburg Pincus, Brookfield AssManagement, a consortium of Abu Dhabi Investment Authority (ADIA), Kotak Realty Fund and Qatar Investment Authority (QIA) have been shortlisted, along with an unidentified fund.

Reportedly, Temasek, Khazanah, Canada Pension Plan Investment Board and Goldman Sachs had also offered for the deal but couldn’t get shortlisted.

Also read: EXCLUSIVE: How DLF gave the country Mall of India, its first destination mall

Using the money from this transaction, DLF is planning to wipe out the debt that it has in its development arm, so that the residential business model can attract investments without risks.

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