At an expected Rs 11,000-12,000 crore it is pipped to be India’s largest real estate deal, but ET Now learns that the promoters of DLF are dissatisfied by the bids received from Blackstone and GIC for a 40% stake in DLF’s rental business arm. Sources say the prospective buyers Blackstone and GIC are modifying their bids, and will submit the same by February 14.
Sources say talks will continue with either GIC or Blackstone depending on the revised bids, and if they meet the promoters asking price. ET Now also learns that both Blackstone and GIC have indicated they will not come on board together, and have adopted an “all or nothing” approach for the 40% stake on offer by the DLF promoters. This essentially means either GIC or Blackstone must get the entire stake that is being sold.
In an emailed statement to ET Now, a DLF spokesperson said, “Our quarterly results are scheduled for the 14th February. We are presently in our silent period and will not be able to comment on your speculative questions. We are in the final stages of discussions with prospective investors. We shall inform all stakeholders as and when there is a concrete, reportable event.”