DLF has surged nearly 6% to Rs 146 on BSE after the realty firm announced the sale of its luxury hospitality chain Aman resorts to its original founder Adrian Zecha for $358 million (about Rs 2,200 crore). A development would help the DLF trim net debt and exit from non-core businesses.
“DLF Global Hospitality, a 100% step down subsidiary of DLF has completed the sale of 100% equity stake in Silverlink Resorts the owner of Amanresorts to Aman Resorts Group a Joint Venture between Peak Hotels & Resorts Group and Mr. Adrian Zecha, the founder of Amanresorts for an Enterprise Value of USD 358 million,” DLF said in BSE filing.
The sale has been in the form of management buyout. DLF Global Hospitality Limited had purchased 100% equity in Amanresorts in 2007 from a group of investors. The deal excludes the iconic Lodhi Hotel in Delhi which shall remain a part of DLF.
The transaction is a part of DLF's objective of divesting its non-core assets, it added.
The stock opened at Rs 144 and hit a low of Rs 142 on the BSE. A combined around 1.12 million shares changed hands on the counter in early morning deals on the BSE and NSE.
“DLF Global Hospitality, a 100% step down subsidiary of DLF has completed the sale of 100% equity stake in Silverlink Resorts the owner of Amanresorts to Aman Resorts Group a Joint Venture between Peak Hotels & Resorts Group and Mr. Adrian Zecha, the founder of Amanresorts for an Enterprise Value of USD 358 million,” DLF said in BSE filing.
The sale has been in the form of management buyout. DLF Global Hospitality Limited had purchased 100% equity in Amanresorts in 2007 from a group of investors. The deal excludes the iconic Lodhi Hotel in Delhi which shall remain a part of DLF.
The transaction is a part of DLF's objective of divesting its non-core assets, it added.
The stock opened at Rs 144 and hit a low of Rs 142 on the BSE. A combined around 1.12 million shares changed hands on the counter in early morning deals on the BSE and NSE.
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