Trimming the early gains, shares of the company closed at Rs 120.55 on BSE, witnessing a rise of 1.77 per cent over the previous close. During the day, the stock surged by over 3 per cent to trade at Rs 122.40.
On NSE, the shares closed at Rs 120.50, also registering a surge of 1.77 per cent. The scrip touched an intra-day high of 122.45 on the exchange.
According to sources, DLF's bankers have circulated the information memorandum to 18-20 global institutional investors which are keen to purchase the 40 per cent stake of promoters.
DLF had in October announced that its promoters will sell their stake in the DLF Cyber City Developers Ltd (DCCDL), which holds the bulk of office and retail complexes.
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The realty firm would continue to own remaining 60 per cent stake in DCCDL.
Blackstone, Singapore's sovereign wealth fund GIC, Canada Pension Plan Investment Board, Brookefield, Abu Dhabi Investment Authority and Qatar Investment Authority are among the prospective buyers, sources said.
DCCDL also has 20 million sq ft of future development potential, sources said.
The equity value of this transaction is pegged at Rs 12,000-14,000 crore, sources said. Promoters -- KP Singh and family -- will re-invest a significant part of the amount realised from sale into DLF.
DLF has appointed JP Morgan and Morgan Stanley as merchant bankers for this deal. It has also roped in Pricewaterhouse Coopers as tax consultant and Shardul Amarchand Mangaldas as law firm to help execute this deal.