DLF's KP Singh becomes India's third rupee trillionaire

MUMBAI: India's richest real estate entrepreneur Kushal Pal Singh on Monday became the country's third trillionaire in rupee terms with a sharp rise of four per cent in his group's flagship company DLF Ltd, pushing its market value to about Rs 1,14,744 crore.

Singh has joined Mukesh Ambani and his younger brother Anil in the elite club of India's rupee trillionaires, whose wealth measured in terms of their promoter holdings in various group companies also rose to about Rs 1,61,000 crore and Rs 1,05,000 crore respectively.

Following a 4.07 per cent jump in the share price of DLF, which today settled at Rs 673.05 at the Bombay Stock Exchange, Singh's net wealth rose to approximately Rs 1,01,250 crore at the end of today's trading session.

According to the information available with the stock exchanges, the total promoter holding in the New Delhi-based DLF, represented by Singh, currently stands at 88.24 per cent.

Singh's stake has appreciated by over Rs 22,000 crore since the company's listing, while DLF's market cap has grown by over Rs 25,000 crore in the same period.

DLF was listed on the bourses on July 5 on a strong note, with the company's market cap crossing the Rs 1,00,000 crore mark on the very first day in the intraday trade. However, the company achieved a closing market cap of Rs 1,00,000 crore only on July 12.

Prior to the listing, Singh's stake was worth about Rs 79,000 crore, based on an offer price of Rs 525 per share, at which the company sold its shares in its Rs 9,187.5 crore public issues, which is India's biggest IPO so far.