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trendingNowenglish2193818https://zeenews.india.com/companies/singapore-govt-sells-6-8-crore-shares-of-dlf-for-rs-1298-crore-2193818.html

Singapore govt sells 6.8 crore shares of DLF for Rs 1,298 crore

Singapore government held around 7.32 crore shares in DLF as on December 31, 2018. These shares were worth 4.11 percent stake in the realty company.

Singapore govt sells 6.8 crore shares of DLF for Rs 1,298 crore

New Delhi: Singapore government on Monday sold 6.8 crore shares of DLF for Rs 1,298 crore through an open market transaction, leading to the realty major's stock plunging over 8 percent.

Singapore government held around 7.32 crore shares in DLF as on December 31, 2018. These shares were worth 4.11 percent stake in the realty company.

In a bulk deal transaction on the NSE, 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 Singapore government has probably sold its share to rejig its portfolio and book profit as the company has significant exposure of about USD 1.7 billion 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 percent stake in DLF's rental arm. It had also invested around Rs 2,000 crore to pick up 50 percent 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 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.

When contacted, GIC Real Estate Chief Investment Officer Lee Kok Sun said that as a long-term investor, GIC has steadily grown its investments in DLF since 2011.

"Today, we remain invested significantly in DLF across various investment groups in our diversified portfolio... GIC believes in India's long-term potential and will continue to strengthen our partnership with DLF to tap on investing opportunities in India's real estate sector," he said.

Shares of the company closed at Rs 184.60, 8.43 percent lower on the NSE, while at BSE it cracked 8.36 percent to Rs 184.65.

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