DLF has rallied 5% to Rs 194 on reports that the company is in talks with Infrastructure Development and Finance Company (IDFC) to sell the entire 70% stake it holds in DLF IT Park, Noida.
“The asset (IT Park, Noida) is held in a joint venture company through a wholly-owned subsidiary of the company. The subsidiary is exploring various strategic options including the sale of its holding in the joint venture company," the DLF said in a filing to Bombay Stock Exchange.
DLF is looking to raise around Rs 950 crore through the stake sale. The company plans to reduce its debt by Rs 2,500-3,000 crore by the end of this financial year, reports suggest.
The stock hit a high of Rs 195 after opening at Rs 189 on the BSE. Around 150,000 shares have changed hands on the counter in opening deals.