DLF gains 4% on Rs 440-cr windfall on land sale

DLF was trading higher by 4% at Rs 191, extending its previous day’s 4% gain, after the company sold 28 acres of prime land in Gurgaon to real estate firm M3M for Rs 440 crore.

DLF, India’s largest developer has been selling its non-core assets such as hotel plots for the past couple of years to cut debt that stood at Rs 22,519 crore at the end of the September quarter.

It had raised Rs 3,480 crore from sale of non-core assets till the second quarter of this fiscal. The plan is to raise a total of Rs 10,000 crore from this process, the report suggests.

On December 28, 2011, in a filing to the stock exchanges the company said that, it is firmly committed to its target of raising Rs 6000-7000 crore from divestment of non-strategic assets over 3 years, starting from 2011-12 to help prune debt.

The stock opened at Rs 185 and hit a high of Rs 192 on the National Stock Exchange (NSE). A combined 19.04 million shares have already changed hands on the counter so far on the NSE and BSE.