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
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
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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