The detailed order of the CCI has already been received by the investor, DLF said.Agreement on the stake sale was reached in May. DLF Cyber City Developers operates almost 27 million square feet of office and retail space that are leased out. These properties include Cybercity in Gurgaon and the Emporio and Promenade malls in New Delhi. The developer first announced the stake sale plan in October 2015.A substantial chunk of the proceeds, after paying tax and other charges, will be used to help reduce DLF’s debt. The first buyback will take place before the closing of the deal with GIC and the other a year later, DLF had said in a stock exchange filing in August.

Source: Economic Times November 29, 2017 02:37 UTC