DLF promoter K P Singh has emerged as the richest real estate baron after his company's initial public offering closed on June 14.
Promoters of the dozen top listed real estate developers in the country, including DLF Ltd, which will be listed next month, are worth a massive Rs 125,845 crore (or over $30 billion).
However, the lion's share of this net worth (derived on the basis of the latest m-cap) lies with DLF's K P Singh and his family -- Rs 77,915 crore (around $19 billion) based on the allotment price of Rs 525 per share and their shareholding of around 87.3 per cent in the company.
According to BS research, this makes K P Singh the fourth richest Indian by today's market capitalisation, after Mukesh Ambani, Anil Ambani and Sunil Mittal. He overtakes Wipro's Azim Premji, who ranks immediately after him.
In effect, the DLF promoter family accounts for around 60 per cent of the realty wealth as denoted by market cap
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