India's largest realty developer DLF, which is looking to sell its 40 percent stake in the rental arm DLF Cyber City Developers, will be seeking an extension from board to conclude the sale, sources privy to the developments told CNBC-TV18.
The front runners to buy the stake are US private equity player Blackstone Group and Singapore’s GIC. Both of them are keen to buy the full 40 percent stake. Earlier it was understood that the stake would be split between the two buyers.
The deal is very crucial for DLF because it aims to reduce its debt by about Rs 10,000-15,000 crore, say sources.
One extension was already sought by the company which will now expire on March 31, 2017.
However, the decision regarding whether to sell the entire stake is still undecided and hence a request for an extension to conclude the deal. If the extension is granted, then it could be for 6-8 months.
However, Email query sent to the company by CNBC TV18 did not elicit any response.