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SAM, AZB on DLF’s Cyber City rental arm stake sale to GIC for $1.9bn

Realty Major DLF Limited has entered into an agreement to sell a stake of 33.34% in its rental arm, DLF Cyber City Developers Limited (DCCDL) to Reco Diamond Private Limited, an affiliate of the Singapore sovereign wealth fund, GIC Group, in a multi-stage transaction for an aggregate value of US$ 1.9 billion, as reported by VCCircle and Business Standard.

Shardul Amarchand Mangaldas (SAM) advised and acted on behalf of DLF Ltd, led by its transaction team headed by Delhi-based executive chairman Shardul Shroff, and partner Akila Agrawal, along with senior associates Mukul Sharma and Navin Kumar, principal associates, Ishita Khandelwal and Sumi Saikia. Partners Mrinal Kumar and Avnish Sharma and senior associate Shrutikirti Kumar worked together as the real estate team while the competition law team was led by partners Shweta Shroff Chopra and Manika Brar, and includes associates Supritha Prodaturi and Akkriti Bhatt.

The other parties acting for DLF in the deal were Ernst & Young, who represented as the transaction advisor together with Morgan Stanley, and JP Morgan as the financial advisors.

AZB & Partners acted as the legal advisor to GIC whereas Wadia Ghandy represented as legal advisor on real estate matters.

The deal, estimated at a gross value of $1.9bn (Rs 11,900 crores), involves a combination of secondary purchase of equity shares by the GIC affiliate for around $1.4bn (Rs 8,900 crores) and two rounds of buyback for $0.5bn (Rs 3,000 crores), to give effect to the agreed commercial terms. It is expected to conclude by November 2017.

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