KP Singh Sold DLF Stakeholding: Billionaire real estate businessman Kushal Pal Singh- KP Singh has taken a shocking decision. KP Singh has surprised everyone by selling his remaining stake in the real estate business company DLF (Delhi Land and Finance Limited), which he took to sky-high heights. In fact, DLF Chairman Emeritus KP Singh and two promoter entities of DLF have sold their stake in the company for Rs 1087 crore. This stake in the promoter entity of KP Singh and DLF has been sold through open market transactions. The two promoter entities that have sold stake in DLF are Mallika Housing Company and Beverley Builders.
Why sold stake in DLF – not clear
KP Singh’s two daughters Pia Singh and Renuka Talwar are major shareholders of Mallika Housing and their father KP Singh is a major shareholder in Beverly Builders. Mallika Housing Company has sold 60 lakh shares and Beverly Builders has sold 10.99 lakh shares through this open market deal. According to BSE data, these stakes in DLF are 0.24 per cent and 0.04 per cent respectively. On the other hand, KP Singh and Beverly Builders have sold their entire 0.59 per cent and 0.04 per cent stake in DLF. According to BSE data, KP Singh sold 1,44,95,360 shares at Rs 504.21 per share on the stock exchange, valuing the deal at Rs 1,086.98 crore. Why KP Singh sold this stake in his company DLF is not clear.
Big fall in DLF shares
Due to this news, where there was a big fall in the shares of DLF yesterday, weakness is being seen even today. Shares of DLF are trading at Rs 495.65 per share, down by Rs 4.05 or 0.81 per cent. On the other hand, DLF shares opened at Rs 510 on BSE yesterday but closed at Rs 499.70, down 3.65 per cent.
KP Singh’s son Rajeev Singh takes charge of DLF
The reins of DLF is currently handled by his son Rajeev Singh. In June 2020, KP Singh took retirement from the company as its Chairman Emeritus after handling the company for 6 decades.
There was talk of billionaire KP Singh finding new love at the age of 91.
In February this year, DLF Chairman Emeritus KP Singh surprised everyone by saying that he has found the new love of his life. He had said in an interview to a business channel that the name of his new love is Sheena and after many years of losing his wife due to cancer in the year 2018, he has again found a partner in life.
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