DLF may split 40% stake sale in rental arm between GIC & Blackstone

Promoters of DLF, India’s largest realty developer, are actively considering a split of the proposed 40% stake sale in the company’s rental commercial property arm between two contenders — US private equity major Blackstone Group and Singapore’s sovereign wealth fund GIC — said three persons familiar with the development.

Under this structure, Blackstone and GIC may pick up stakes of 20% each in the rental arm. Billionaire KP Singh and his son own 40% in the company’s rental arm, DLF Cyber City Developers while DLF holds the rest. The promoter family is expected to fetch around Rs 12,000 crore through the proposed sale of their stake in the rental arm. However, both Blackstone and GIC are keen to acquire the entire 40% stake individually.

Read more: Economic Times