Last October, DLF had announced that its promoters would sell 40 per cent stake in DLF Cyber City Developers (DCCDL). They would be reinvesting a significant part of the amount realised from this deal into DLF Ltd.
"We received multiple bids from sovereign funds and global private equity firms. We have shortlisted few," DLF Senior Executive Director (Finance) Saurabh Chawla told analysts in a conference call.
"Post which, we will get binding agreements from them in form of shareholder agreement or share purchase agreement," Chawla said, adding the company would then negotiate with the investors.
"By the end of September or early October, we should be able to guide the market about the culmination of this transaction," Chawla said.
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Earlier, sources had said Blackstone, Singapore's sovereign wealth fund GIC and Abu Dhabi Investment Authority are among shortlisted investors.
DLF's CFO Ashok Tyagi said the company is incurring about Rs 250 crore a month on interest cost and the same is expected to come down significantly after this deal.
All bidders are aligned to create a platform in partnership on a long-term basis to own and develop commercial assets and acquire assets inorganically in the marketplace, DLF said.
DCCDL has about 25-26 million sq ft of leased commercial space with an annual rental income of about Rs 2,250 crore. It also has 20 million sq ft of future development potential.
Income from operations fell 22 per cent to Rs 1,867.46 crore during the first quarter of the current fiscal, from Rs 2,388.72 crore in the year-ago period.
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