DLF up 7% ahead of audit, board meet on August 25

The committee will consider and review the status of proposed sale of CCPS to a GIC affiliate.

DLF has moved higher by 7% to Rs 189 on BSE in intra-day trade, after the company said that its board will meet on Friday, August 25, to consider stake sale in rental arm.

“A meeting of the Audit Committee is scheduled to be held on August 25, 2017 to consider and review the status of proposed sale of cumulative compulsorily convertible preference shares (CCPS) held by CCPS Holders to a GIC affiliate including the key terms and conditions and make appropriate recommendation of the board,” DLF said in a regulatory filing.

The board will in its meeting scheduled to be held later on August 25, 2017, consider the said recommendation and take appropriate decisions, as required, it added.

On October 2015, DLF said its board had approved the recommendations of the audit committee to resolve the issue of the CCPS held by promoters in DCCDL.

The promoters group companies, namely Rajdhani Investment & Agencies Private Limited, Buland Consultants and Investments Private Limited, Sidhant Housing Development Company (CCPS holders) proposed to sell 160 million CCPS of DLF Cyber City Developers (DCCDL), which would result in 40% equity shareholding in DCCDL upon conversion of the CCPS, to unrelated third party institutional investors.

At 10:47 am; the stock was up 6% at Rs 185 on BSE. On comparison, the S&P BSE Sensex and the S&P BSE Realty index were up 0.39% and 2.7%, respectively. A combined 14.29 million shares changed hands on the counter on BSE and NSE so far.