Chairman Emeritus Kushal Pal Singh has offloaded his entire personal holding in the DLF, the country’s largest real estate developer, via open market transactions on August 1.

As per the bulks deal data, Kushal Pal Singh, the retired chairman of the company, has sold 1.45 crore shares, which is equivalent to 0.59 percent of paid-up equity, on the BSE.

The above shares, which were sold at an average price of Rs 504.21 per share, were worth Rs 730.87 crore. DLF’s total market capitalisation was Rs 1.24 lakh crore.

Kushal Pal Singh and his group’s shareholding in the real estate company was 74.95 percent as of June 2023.

DLF share price on the NSE settled at Rs 499.70, down 3.7 percent with higher volumes, but has taken a support at 21-day EMA (exponential moving average placed at Rs 499).

Meanwhile, last week, DLF registered a 12.2 percent year-on-year growth in consolidated profit at Rs 528 crore for the quarter ended June FY23 despite weak operating margin, driven by a fall in finance cost & other expenses and higher other income.

However, revenue from operations on consolidated basis declined 1.3 percent on-year to Rs 1,423.2 crore for the quarter, with new sales bookings at Rs 2,040 crore.

Even the operating numbers were weak as the EBITDA (earnings before interest, tax, depreciation and amortisation) fell by 4.2 percent year-on-year to Rs 396.2 crore with margin falling 90 bps to 27.8 percent in Q1FY24.

DLF said they continued to focus on strengthening its balance sheet and cash generation. “Strong collections led to a further reduction in net debt during the quarter. Consequently, net debt now stands reduced to the lowest ever at Rs 57 crore,” it said.

DLF Cyber City Developers, the commercial properties developer and the flagship company of DLF Group, recorded a 21 percent year-on-year growth in profit at Rs 391 crore for June FY24 quarter. Its consolidated revenue came in at Rs 1,412 crore, reflecting YoY growth of 12 percent.