Billionaire K.P.Singh and two promoter entities of DLF on Tuesday offloaded shares in the real estate firm for Rs 1,087 crore through open market transactions.

The promoter entities are— Mallika Housing Company and Beverly Builders.

According to bulk dealdata on BSE, Kushal Pal Singhsold 1,44,95,360 shares on thestock exchange at Rs 504.21each, aggregating Rs 731 crore.

Singh’s two daughters —Pia Singh and Renuka Talwar— are among the major shareholders of Mallika Housing, while their father is the main shareholder in Beverly Builders.

Mallika Housing Company sold 60 lakh shares andBeverly Builders disposed ofmore than 10.99 lakh shares,amounting to 0.24 per cent and0.04 per cent stake in DLF, respectively, as per the BSE data.

K.P. Singh and Beverly Builders have sold their entire0.59 and 0.04 per cent stake in DLF.

This took the combineddeal value to Rs 1,086.98 crore.

DLF’s shares opened at Rs510 per share on the BSE but closed 3.65 per cent down at Rs 499.70 a piece from the Monday closing price following the sale of a large number of shares by one of the promoters.

Its market cap stood at Rs1,23,691 crore on Tuesday’s closing price.

As per the DLF’s shareholding pattern as on June30, 2023, 93-year-old Singh held 1,44,95,360 shares, which is equivalent to 0.59 per cent shareholding in the company.

Promoters group held a74.95 per cent stake in the company at the end of the June quarter. It wasn’t clear why Singh, who in June 2020 was named the chairman emeritus, sold the shares in the company that is now headed by his son Rajiv. In June 2020,Singh retired as the company’s chairman after nearly six decades in business.