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DLF up 3% ahead of panel meet to discuss rental arm stake sale

Stake sale could fetch the firm around Rs 14,000 crore and is likely to announce the talks exclusively with GIC, sources have told CNBC-TV18.

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Todays L/H

DLF added over 3 percent intraday on Wednesday ahead of its scheduled Audit Committee meeting. The agenda could include submission of a plan to execute 40 percent stake sale in its rental subsidiary, sources told CNBC-TV18.

The stake sale could fetch the real estate major a whopping Rs 14,000 crore. The Board is likely to announce the stake sale talks exclusively with GIC, the sources have informed.

The sale could also aid the debt situation of the company, with net debt figure, as of September-end, standing at Rs 23, 530 crore.

Earlier this month, the company had informed about investing Rs 3,500 crore this year to complete construction of almost all of its existing housing projects. It has 18.5 million square feet area under construction in various housing projects and is targeting to complete about 15-16 million sq ft by end of this year and create finished stocks amid slow sales in the residential segment.

The stock has seen strong upside, with gains of over 73 percent in a year. In fact, it rose over 12 percent in the past one month has remained in the green.

At 10:14 hrs DLF was quoting at Rs 154.55, up Rs 4.10, or 2.73 percent on the BSE. It touched an intraday high of Rs 155.35 and an intraday low of Rs 153.30.

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First Published on Mar 1, 2017 10:51 am
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