DLF has reportedly identified bidders for selling stake in its rental arm and has allowed access to virtual data room and vendor diligence reports. The company is expecting to receive binding, updated bids in the form of marked up shareholder agreements once the shortlisted bidders complete their due diligence.
The debt-laden company is eying to sell 40 percent stake in its rental assets arm - DLF Cyber City Developers - and hoping to close the transaction by the end of FY17. The stake sale is expected to leave DLF in funds enabling it to substantially lower its debt which continued to hover at over Rs 20,000 crore for the past few quarters.
DLF is one of India’s largest real estate companies that has over 60 years of track record of sustained growth, customer satisfaction, and innovation. The company has 288 million square feet (approximately) of development potential with 45 million square feet of projects under construction.