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Singapore fund slashes stake in India’s biggest commercial developer

DATE POSTED:April 14, 2019

The Singapore government sharply reduced its equity stake in DLF Ltd., the largest commercial real estate developer in India. Singapore’s sovereign wealth fund GIC sold 68 million shares of DLF in open-market transactions, cutting its stake in DLF to 0.3 percent of total shares outstanding from 4.11 percent, according to Bloomberg. The shares traded for 191 rupees each in a bulk sale. The transaction may stem largely from an effort by GIC to rebalance its […]