DLF close to raising Rs 3,000 cr

Billionaire KP Singh and family, the promoters of India’s largest real estate company DLF, are close to finalising a deal with some foreign and domestic institutional investors which might fetch them around Rs 3,000 crore, according to people familiar with the negotiations. Based on Thursday’s closing price of Rs 245, this would mean promoters offloading a little over 7% stake. DLF CFO Ramesh Sanka denied that the promoters had any plan to sell stake. But people familiar with the matter said Deutsche Bank has been given the mandate and a deal may be announced shortly.