Active Stocks

Fri Dec 08 2023 15:59:53

Tata Steel share price
129.2 -0.62%

HDFC Bank share price
1,653.1 1.38%

State Bank Of India share price
614 0.35%

NTPC share price
285.25 0.42%

ITC share price
449.15 -1.95%

Business News/ Companies / News/ Singapore govt sells 6.8 crore shares of DLF for Rs1,298 crore

Back

Singapore govt sells 6.8 crore shares of DLF for Rs1,298 crore

1 min read 08 Apr 2019, 08:44 PM IST Join us

PTI

Singapore government held around 7.32 crore shares in DLF as on December 31, 2018 quarter
Singapore government has sold nearly 6.8 crore shares of DLF at ₹191.01 per share

Sources said that Singapore government has probably sold its share to rejig its portfolio. Photo: Mint

NEW DELHI : Singapore government on Monday sold 6.8 crore shares of realty giant DLF for ₹1,298 crore through open market transaction, with its stock price tumbling sharply by over 8 per cent.

Singapore government held around 7.32 crore shares in DLF as on December 31, 2018 quarter. These shares were worth 4.11 per cent stake in the realty company.

In a bulk deal transaction on the NSE, Singapore government has sold nearly 6.8 crore shares of DLF at ₹191.01 per share, translating the deal at ₹1,298 crore.

Sources said that Singapore government has probably sold its share to rejig its portfolio and book profit as the company has significant exposure of about 1.7 billion dollar through its two joint ventures.

Singapore government through its sovereign wealth fund GIC has two joint ventures with DLF. In December 2017, GIC invested ₹9,000 crore to acquire 33.43 per cent stake in DLF's rental arm. It had also invested around ₹2,000 crore to pick up 50 per cent stake in DLF's two housing projects at Moti Nagar in Delhi.

As per NSE bulk deal data, French investment fund Societe Generale has picked up 2.08 crore shares of DLF at ₹191 per share.

According to the sources, HSBC and other investors who had participated in DLF's recent QIP issue have also bought shares in this block deal.

The bulk sale of shares by Singapore government has come close in the heels of DLF's ₹3,200 crore QIP issue where the realty company sold 17.3 crore shares at ₹183.4 per share.

Shares of the company closed at ₹184.60, 8.43 per cent lower on the NSE, while at BSE it cracked 8.36 per cent to ₹184.65.

Milestone Alert!
Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.