DLF shares end 3% up on selling Amanresorts for $358 mn

Shares of realty firm DLF today gained nearly 3% after the company announced the sale of its luxury hospitality chain Amanresorts to its original founder Adrian Zecha for USD 358 million (about Rs 2,200 crore).

 

DLF's scrip ended the day 2.94% higher at Rs 142 on the BSE. During the day, the stock shot-up by 5.79% to Rs 145.95.

 

At the NSE, the company's scrip settled 2.86% higher at Rs 141.90.

 

The move would help the company trim net debt and exit from non-core businesses.

 

In December 2012, DLF had signed a pact with Indonesian hotelier Zecha to sell Amanresorts for $300 million (about Rs 1,600 crore). However, the deal was not completed in the stipulated time-frame of June 2013, forcing DLF to walk out of the exclusivity pact.

 

In a statement, DLF said its subsidiary, DLF Global Hospitality Ltd, has completed the sale of entire 100% stake in Silverlink Resorts Ltd, which owns Amanresorts, to Aman Resorts Group Ltd for "an enterprise value of $358 million."

 

Aman Resorts Group Ltd is a Joint Venture between Peak Hotels and Resorts Group Ltd and Adrian Zecha.

 

Meanwhile, DLF today said it has received a refund of Rs 675.81 crore from DDA following the scrapping of a project to develop an international convention centre in the national capital.

 

In July 2007, DLF had bagged Rs 6,000 crore contract from DDA for constructing the convention and exhibition centre at Dwarka.