DLF shares surge 6% on stake sale buzz
DLF shares today rallied over 6% on bourses after the country's largest real estate player said it was "exploring various strategic options", including sale of its holdings in an IT park in Noida.
DLF shares closed 6.42% higher at Rs 196.35 on the Bombay Stock Exchange (BSE). On the National Stock Exchange, the scrip settled 6.78% higher at Rs 196.90 apiece.
In the intra-day trade the shares had risen by 7.61% to Rs 198.45 apiece on the National Stock Exchange.
In a filing to the Bombay Stock Exchange (BSE) yesterday, DLF had said its wholly-owned subsidiary that holds stake in a joint venture IT park in Noida was "exploring various strategic options, including the sale of its holding in the joint venture company."
DLF had earlier announced plans to raise up to Rs 7,000 crore in the next 2-3 years from the sale of non-core assets to cut its net debt, which stood at a whopping Rs 21,524 crore as of June 30, 2011.
Meanwhile, shares of IDFC, which is in talks with DLF on a "business proposal", jumped by 4.14% to Rs 115.50 apiece on BSE. The scrip rose by 4.55% to Rs 115.90 apiece on NSE.
The stock closed at Rs 113.75, up 2.57% from its previous close on BSE, and at Rs 113.80, which is 2.66% more than its last close on NSE.
The company said it evaluates opportunities for loans and investments in infrastructure projects from time to time as part of its normal business and opportunities "may or may not lead to any deal as aforesaid".