Proxy firms split on DLF Cyber City deal

DLF executives call SES rationale poor and baseless

The proposed deal between realty major DLF, its promoters and Singapore’s sovereign wealth fund GIC has elicited opposing views from proxy advisory firms. While Institutional Investor Advisory Services (IiAS) and some foreign advisory firms have recommended shareholders vote in favour of the deal, Stakeholders’ Empowerment Services (SES) has raised questions about the valuation at which promoters were sold shares in the rental arm seven years ago. DLF executives called the SES argument incorrect and baseless. 

Last month, DLF’s promoters announced the deal to sell their entire 40 per cent stake in the company’s rental arm for Rs 11,900 crore. The promoters