DLF founders to pay $495mln for DE Shaw stake-paper

NEW DELHI, Nov 12 (Reuters) - The founders of Indian developer DLF Ltd (DLF.BO) will pay 23 billion rupees ($495 million) to buy out hedge fund D.E. Shaw's minority stake in a property trust, the Economic Times reported on Thursday.

The newspaper also said the country's largest listed real estate firm has started talks with bankers for the property trust's listing in Singapore after attempts in 2008 failed due to the global equity markets tumble.

A DLF spokesman declined comment on the report.

DLF had earlier said its founders would be using the proceeds from a $783 million share sale earlier this year to inject capital into the property trust, DLF Assets Ltd (DAL), and also to buy D.E. Shaw's stake.

DLF has not disclosed details of the holdings in DAL, where Symphony Capital is the other PE investor. The Economic Times said D.E. Shaw had invested 16 billion rupees in DAL in 2006. ($1=46.5 rupees) (Reporting by Devidutta Tripathy; Editing by Ranjit Gangadharan)