FIIs own over US$5.0bn which equates to 25% of their total market cap of the big 3 Real Estate Firms - DLF, Unitech and HDIL. A year back, in Dec-08, this figure stood at just 9% with FII's aggregate exposure of US$1.1bn.
DLF - Free Float increased to 21% of market cap when DLF's promoters diluted their stake by ~10% in May-09. Chunk of this pie was taken up by FIIs, who have maintained their stake at 15-16% through the past three quarters. Retail Indian ownership as a percentage of total market cap is marginal (~4-5%)
Unitech - Free Float increased to 56% of market cap after two successive tranches of QIPs between Apr-Jul09, pushing FIIs holdings from 8% in Mar-09 to 33% in Dec-09. In value terms, while the market cap increased 3x times, the free float shot up 5.4x times through 2009. Retail investors, however, have a larger exposure in Unitech as a percentage of total market cap (~19%)
HDIL - Free Float increased to 52% of market cap (from erstwhile 39%)- second highest free float percentage in the industry, after IBREL. In value terms, while the market cap multiplied 3.5x times, free float has increased 5x times through 2009. Retail ownership as a percentage of total market cap is around 21%.
