Pia Singh selling 1.25 crore shares in DLF to other promoters

Pia Singh selling 1.25 crore shares in DLF to other promoters
New Delhi:

Realty major DLF today said its promoter Pia Singh, daughter of Chairman K P Singh, is selling up to 1.25 crore shares in the company for about Rs 270 crore to 10 other promoter entities.

In a BSE filing, DLF informed that Pia Singh will sell up to 1.25 crore shares, worth up to 0.73 per cent stake in the company, at Rs 216.41 per share by December 17, 2012. In an inter-promoter transfer, shares will be acquired by Kavita Singh, wife of Pia's brother, and company Vice-Chairman Rajiv Singh, and nine other promoter entities.

DLF's share today closed at Rs 213.75 a piece, up by 1.33 per cent from previous closing.

As on September 30, 2012, Pia Singh held 1.34 stake in DLF. After the transaction, her stake would come down to 0.61 per cent.

Pia Singh, who looks after retail business, particularly luxury and super-luxury, held 1.55 per cent stake at the end of the June quarter.

In August, she had sold 34.49 lakh shares of the company for nearly Rs 70 crore to group promoters in the open market. Promoters at present hold 78.58 per cent stake in DLF.