DLF's KP Singh sells entire 0.59% DLF stake for Rs 731 crore

Billionaire KP Singh has sold his entire stake in real estate firm DLF for about Rs 731 crore, as per data from stock exchange. It was not clear why Singh sold the shares in the company headed by his son Rajiv. Singh in June 2020 was named the chairman emeritus.

Kushal Pal Singh who was one of the promoters, sold 1,44,95,360 shares on the equity markets at Rs 504.21 each. It amounted to Rs 731 crore, as per bulk deal data on BSE,

Shares of DLF opened at Rs 510 a share on BSE and closed 3.65 per cent lower at Rs 499.70 following the sale of a large number of shares by one of the promoters.

The market capitalisation stood at Rs 1,23,691 crore on closing price of Tuesday.

How many shares did Singh have?

According to DLF's shareholding pattern as on June 30, Singh had 1,44,95,360 shares, equivalent to 0.59 per cent shareholding in the company.

Promoters group held a 74.95 per cent stake in the company at the end of the June quarter.

Singh retired as the company's chairman In June 2020, after almost six decades in the business. 

Having transformed Delhi Land & Finance Limited (DLF) into India's biggest listed property firm, he handed over the reins to his son Rajiv Singh.

The DLF Chairman Emeritus had left an army job in 1961 to join DLF which he started by his father-in-law in 1946.

Singh, credited for the pre-eminence of Gurugram (erstwhile Gurgaon), is a science graduate from Meerut College.

After studying engineering in the UK, he served as an officer in an elite cavalry regiment in the Indian Army. He left the military to join his father-in-law, entrepreneur Chaudhary Raghvendra Singh's firm DLF.

Under his leadership, DLF expanded beyond Gurgaon, building apartments, shopping malls, and hotels. In 2007, he oversaw DLF's much-anticipated initial public offering, which raised Rs 9,188 crore through the sale of 17.5 crore shares.

(With PTI inputs)