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OWNERS TO SELL 7% OF DLF, RAISE 3K CR
 
FUNDS TO BE USED TO PAY OFF DAL'S 4.9K CR OUTSTANDINGS TO DLF
 
Billionaire KP Singh and family, the promoters of India's largest real estate company DLF, are close to finalising a deal with some foreign and domestic institutional investors that might fetch them around Rs 3000 cr, said people familiar with the negotiations. At Thursday's closing price of Rs 245, this would mean offloading a little over 7% stake.
  
DLF CFO Ramesh Sanka denied the promoters had any plan to sell stake. But people familiar with the matter said Deutsche Bank has been given the mandate and a deal may be announced shortly. ET had reported the proposed DLF stake sale on Thursday.
  
The promoters own 88.55% stake in the company, as per the latest shareholding pattern available on the National Stock Exchange. It is understood that the promoters will plough back the proceeds of the stake sale into DLF Assets (DAL), which will in turn use the funds to pay back DLF for the properties purchased earlier. DAL, which is owned by KP Singh and has investments from UK-based Symphony Capital and US based hedge fund DE Shaw, buys IT SEZs from DLF. The receivables ... more

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