New Delhi, Sept. 30: Realty major DLF today said its shareholders have approved the promoters' decision to sell their entire 40 per cent stake in the rental arm for Rs 11,900 crore.

This deal, the biggest in the country's realty space, included the sale of 33.34 per cent stake in DLF Cyber City Developers Ltd (DCCDL) to Singapore's sovereign wealth fund GIC for Rs 8,900 crore and a buyback of the remaining shares worth Rs 3,000 crore by DCCDL.

A special resolution to approve this transaction was passed at the company's annual general meeting held yesterday.

As many as 99.96 per cent of the shareholders voted in favour of the proposal. The promoters, who hold 75 per cent stake in DLF, did not vote on this resolution, DLF said in a filing to stock exchanges.

According to a research note of investment advisory firm ISS, two key developments will arise from this transaction.

First, the promoters of the company will exit DCCDL, thereby removing existing conflicts of interest in the ownership of DCCDL.

Second. DLF will have a long-term strategic partner (GIC) to pursue the growth and development of the group's rental business.

Last month, DLF promoters - K.P. Singh and family - had decided to sell their entire 40 per cent stake in DCCDL for Rs 11,900 crore and infuse the net proceeds into DLF for debt repayment.

Post this deal, DLF will have 66.66 per cent stake in DCCDL and GIC 33.34 per cent in the joint venture.