DLF gains on shareholders' nod for institutional placement of shares

The company made the announcement after market hours on Thursday, 4 April 2013.

Meanwhile, the S&P BSE Sensex was down 19.24 points or 0.1% at 18,490.46.

On BSE, 1.78 lakh shares were traded in the counter as against average daily volume of 11.61 lakh shares in the past one quarter.

The stock hit a high of Rs 240.80 and a low of Rs 236.25 so far during the day. The stock had hit a 52-week high of Rs 289.20 on 12 March 2013. The stock had hit a 52-week low of Rs 169.55 on 4 June 2012.

The stock had underperformed the market over the past one month till 4 April 2013, sliding 6.16% compared with the Sensex's 1.95% fall. The scrip had, however, outperformed the market in past one quarter, declining 1.05% as against Sensex's 6.44% fall.

India's largest real estate developer by market capitalisation has equity capital of Rs 339.74 crore. Face value per share is Rs 2.

Separately, DLF announced before market hours today, 5 April 2013, said that a definite agreement has been entered between the company's wholly-owned subsidiary DLF Home Developers (DHDL) and Tulip Renewable Powertech (Tulip). Accordingly, DHDL's Tamil Nadu wind mill undertaking of 34.5 megawatts (MW) capacity including related assets and liabilities (including current assets and liabilities) and relevant long term loans of the said undertaking, has been transferred by DHDL to Tulip as is where is basis by way of slump sale for lump sum consideration of Rs 188.70 crore.

DLF further added that a definitive agreement has been entered between company's wholly-owned subsidiary DLF Home Developers (DHDL) and Violet Green Power (Violet) for sale of DHDL's Rajasthan wind mill undertaking of 33 MW capacity as is where is basis by way of slump sale for lump sum consideration of Rs 52.2 crore. Subject to the fulfilment of the terms and conditions and requisite regulatory approvals by both the parties in accordance with the said agreement, related assets and liabilities (including current assets and liabilities) of the said undertaking along with relevant long term loans will be transferred to Violet. DLF said the transactions are in line with the DLF's objective of divesting its non core assets.

DLF's consolidated net profit rose 10.2% to Rs 284.80 crore on 35.6% decline in net sales to Rs 1310.04 crore in Q3 December 2012 over Q3 December 2011.

DLF's primary business is development of residential, commercial and retail properties.

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