DLF had in October last announced that its promoters will sell their stake in the DLF Cyber City Developers Ltd (DCCDL), which holds the bulk of office and retail complexes. The realty firm would continue to own remaining 60 percent stake in DCCDL.

According to sources, DLF's bankers have circulated the information memorandum to 18-20 global institutional investors that are keen to purchase this stake.

Blackstone, Singapore's sovereign wealth fund GIC, Canada Pension Plan Investment Board, Brookefield, Abu Dhabi Investment Authority and Qatar Investment Authority are among the prospective buyers, they added.

As per the memorandum, DLF Cyber City Developers Ltd (DCCDL) has about 25-26 million sq ft of leased commercial space with an annual rental income of about Rs 2,250 crore.

DCCDL also has 20 million sq ft of future development potential, sources said. The equity value of this transaction is pegged at Rs 12,000-14,000 crore, sources said. Promoters -- KP Singh and family -- will re-invest a significant part of the amount realised from sale into DLF.

In February, DLF's Senior Executive Director Finance Saurabh Chawla had said that the company is targeting to complete this deal by July.

"With this proposed transaction, DLF will be able to achieve three of its main objectives -- removal of conflict of interest, creation of a rental platform with large financial investors and reducing substantial portion of debt," Chawla had said in October.

The company had a net debt of about Rs 21,400 crore at the end of the December quarter. DLF has appointed JP Morgan and Morgan Stanley as merchant bankers for this deal. It has also roped in Pricewaterhouse Coopers as tax consultant and Shardul Amarchand Mangaldas as law firm to help execute this deal.

It had in December raised Rs 1,992 crore from GIC after the completion of its deal to sell 50 per cent stake in two of its new projects in Delhi.

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