DLF stock surges 5 per cent as company completes Aman deal

Stocks

oi-Sunil

By Sunil Fernandes

Published: Monday, February 10, 2014, 11:10 [IST]

Shares of India's largest real estate service provider, DLF rallied 5 per cent after the company said it has completed the sale of its Aman Resorts luxury hotel chain to Indonesian Adrian Zecha for a value of around $358 mln.

Shares in the company were last trading at Rs 144.5, up almost per cent over Friday's close.

Markets cheered the news on hopes that the company would use the proceeds to pare down the mountain of debt that it has.

Real estate stocks have been languishing in trade over the last few years, thanks to the huge debt that they have on the books.

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