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DLF Rallies On Reports That Promoters Will Sell Stake In Rental Arm
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Shares in real estate major DLF rallied on reports that the promoters of the company will sell a stake in their rental arm.
The shares of the company were trading higher by almost 2 per cent at Rs 141 on the NSE.
According to media reports DLF promoters K P Singh family will sell their 40 per cent stake in the company's rental arm - DLF Cyber City Developers - for an estimated Rs 14,000 crore to institutional investors.
The promoters will reinvest a significant part of the amount realised from the sale in DLF Ltd.
The decision was taken by the DLF's board of directors in its meeting held here on Thursday based on the recommendation by the audit committee, which was set up last year to suggest ways to drive the growth of rental business.
GoodReturns.in
