Government of Singapore sells a total of 6.8 crore shares of DLF for a sum of Rs.1,298 crore

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The Government of Singapore recently sold a total of 6.8 crore shares of DLF for a sum of Rs.1,298 crore through an open market transaction on the NSE. As on 31 December 2018, the Government of Singapore owned about 7.32 crore shares of DLF. The Singapore government sold DLF’s shares at a price of Rs.191.01 apiece. The total value of the transaction was Rs.1,298 crore.   

DLF
The Singapore Government has raised Rs.1,298 crore by selling 6.8 crore shares of realty firm DLF on the NSE.

Through its wealth fund, GIC Private Limited, the Government of Singapore has 2 joint ventures with realty firm DLF. GIC, in December 2017, invested a total of Rs.9,000 crore in the rental arm of DLF to acquire a 33.43% stake in the company. It also invested about Rs.2,000 crore in 2 housing projects of DLF to acquire a 50% stake in the projects. 

As per the NSE bulk deal data, Societe Generale, a French investment fund, has purchased around 2.08 crore shares of DLF at a price of Rs.191 per equity share. Industry sources have mentioned that HSBC and certain investors that had participated in the realty firm’s QIP issue also bought DLF’s shares from the Government of Singapore.  

The Singapore government’s bulk sale of shares has come soon after the DLF’s Qualified Institutional Placement (QIP) issue of Rs.3,200 crore, wherein DLF sold a total of 17.3 crores of its shares at a price of Rs.183.4 apiece.  

Source: The Times of India, Moneycontrol 

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