Kushal Pal Singh, the 93-year-old chairman emeritus of DLF, India’s biggest listed real estate developer company, has sold his entire stake in the company on 1 August 2023. As per bulk deal data on the Bombay Stock Exchange (BSE), KP Singh and two promoter entities have collectively sold shares worth Rs 1,087 crore in DLF.
The bulk deal saw Kushal Pal Singh selling 1,44,95,360 shares on the stock exchange at a price of Rs 504.21 per share, totalling Rs 731 crore.
Mallika Housing Company, one of the promoter entities, sold 60 lakh shares, while Beverly Builders, another promoter entity, disposed of more than 10.99 lakh shares, which equalled 0.24 per cent and 0.04 per cent stake in DLF respectively.
KP Singh and Beverly Builders have now sold their entire 0.59 and 0.04 per cent stake in the company, respectively.
DLF’s share price has witnessed a decline in the past few days after the bulk share sale. On 3 August 2023, DLF shares opened at Rs 492.05 on the BSE. On 1 August, the stock closed at Rs 499.70, -3.65% on the BSE.
KP Singh’s decision to sell his stake in DLF has raised questions. It remains unclear why the visionary entrepreneur, who was instrumental in transforming DLF into a real estate powerhouse, sold his shareholding in the company. Singh retired as the company’s chairman in June 2020 after serving nearly six decades in the business. During his tenure, he led DLF’s expansion beyond Gurugram (formerly Gurgaon), venturing into building apartments, shopping malls, and hotels. Under his leadership, DLF went public in 2007 with a highly anticipated initial public offering (IPO), raising Rs 9,188 crore through the sale of 17.5 crore shares.
KP Singh, a science graduate from Meerut College, pursued engineering studies in the United Kingdom and later served as an officer in an elite cavalry regiment in the Indian Army. In 1961, he left his military career to join DLF (Delhi Land Finance Ltd), which was founded by his father-in-law, entrepreneur Chaudhary Raghvendra Singh, in 1946.
Singh’s contributions to the real estate sector have left an indelible mark on the landscape of Gurugram and India’s property market. DLF continues to be helmed by his son Rajiv Singh.