DLF Gains Over 3% On Selling Shopping Mall For Rs 904 Crores

Subscribe to GoodReturns

Shares of realty firm DLF today rose over 3 per cent after the company sold its shopping mall at Saket in the national capital to its wholly-owned subsidiary for Rs 904.5 crore as part of the strategy to consolidate and monetise the rental assets. The stock of the country's largest realty firm gained 2.8 per cent to Rs 108 on BSE.

DLF Gains Over 3% On Selling Shopping Mall For Rs 904 Crores
DLF: Quotes, News
BSE 114.90BSE Quote1.6 (1.39%)
NSE 114.90NSE Quote1.8 (1.57%)
At NSE, shares of the company went up 3.13 per cent to Rs 108.40. DLF said the Board has "approved sale of 'DLF Place Saket', a shopping mall, having built up area of 5.16 lakh sq ft along with land parcel ... to Nambi Buildwell Pvt Ltd, a wholly-owned subsidiary of the company on arm's length basis for an aggregate consideration of Rs 904.50 crore".

This is in line with the strategy to structure ownership of existing assets in order to facilitate potential monetisation either through REITs or otherwise in future, subject to necessary regulatory and statutory approvals, the company had said in a BSE filing yesterday. Meanwhile, DLF's Board has declared an interim dividend of Rs 2 per fully paid equity shares of Rs 2 each of the company for 2015-16 fiscal.

PTI

Read more about: dlf
Story first published: Friday, March 18, 2016, 11:55 [IST]
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Thousands of Goodreturn readers receive our evening newsletter.
Have you subscribed?