HSBC, GIC, Rowe Price eye DLF's Rs 3,800 cr stake

NEW DELHI: HSBC, GIC and T Rowe Price will be among the investors likely to pick up stake in DLF through open market transactions on Wednesday, which will see promoters ��� billionaire KP Singh and family ��� offload close to 10% stake to raise around Rs 3,800 crore. The transactions will likely be carried in the price range of Rs 223-230 per share. DLF CFO Ramesh Sanka declined to comment on the proposed transaction.

ET Now broke the story on the proposed stake sale by DLF promoters on Thursday. ET again, on Friday, reported on the quantum of stake sale and the amount that was likely to be raised.

The funds raised through stake sale are likely to be ploughed back into promoter group company DLF Assets (DAL), which will use it to partly pay back to DLF for the properties purchased earlier. DLF���s receivables from DAL at the end of March quarter were Rs 4,900 crore.

The promoters are also likely to use stake sale proceeds to buy out DE Shaw���s $400 million investment in DAL.