DLF rises on sale of Aman Resorts luxury hotel chain

DLF has moved higher by 2% at Rs 227 after the company said it will sell its Aman Resorts luxury hotel chain in a management buy-out with an enterprise value of around $300 million (approx Rs 1,600 crore).

“DLF Global Hospitality, 100% step-down subsidiary of DLF and Mr. Adrian Zecha, the founder and Chairman of the Aman Resorts Group of luxury resorts, signed a definitive agreement to effect Mr. Zecha's Management Buy-Out "MBO" of DGHL's 100% shareholding in Silverlink Resorts, the holding company for Aman Resorts,” DLF said in a statement to stock exchanges.

The value of the "MBO" is at an enterprise value of approximately $300 million and it does not include the Aman New Delhi property (Lodhi Hotel) which shall be retained by DLF. The deal is expected to close by the end of February, it added.

The stock opened at Rs 225 and hit a high of Rs 228 on the NSE. A combined 6.04 million shares have changed hands on the counter so far on both the exchanges.