DLF Assets may let DE Shaw stay

DLF Assets (DAL), fully owned by the promoters of DLF, may allow one of its investors, D E Shaw, to stay on as the situation in the real estate market has improved.
Earlier, Shaw was looking to exit the venture as DAL’s planned listing on the Singapore SE in 2008 failed.

Shaw had invested $400 million as convertible preference shares in DAL in 2007, with assurances from the developer of a public listing. However, with the worldwide market crash, Shaw asked the promoters, Kushal Pal Singh and his son Rajiv Singh, to provide it an exit route.

However, following the first quarter results, the investor seems to have regained some confidence in the business.  “It is reasonably imminent... The markets change, times change, thoughts change, but I think we are in the process of concluding it, hopefully soon,” Rajiv Singh, DLF vice-chairman said in an analyst call on Friday.

“They are demonstrating some degree of interest to remain committed to the business and to the DLF group and keeping that in mind we would be closing something shortly,” he said.