The Singapore government on Monday sold 6.8 crore shares of realty giant DLF for Rs 1,298 crore through an open market transaction, leading to the realty major’s stock plunging over 8 per cent. The Singapore government held around 7.32 crore shares in DLF as on December 31, 2018. These shares comprised a 4.11 per cent stake in the company.
Sources said that the 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 through its two joint ventures.
The Singapore government through its sovereign wealth fund GIC has two joint ventures with DLF. In December 2017, GIC invested Rs 9,000 crore to acquire 33.43 per cent stake in DLF’s rental arm. It had also invested around Rs 2,000 crore to pick up a 50 per cent stake in DLF’s two housing projects at Moti Nagar in Delhi.
NSE data shows that French investment fund Societe Generale has picked up 2.08 crore shares of DLF at Rs 191 per share. According to sources, HSBC and other investors also bought shares in this block deal. This comes close on the heels of DLF’s Rs 3,200 crore QIP issue where the realty company sold 17.3 crore shares at Rs 183.4 per share.