DLF stock gains 4% on JV deal with Singapore's GIC

Shares of realty firm DLF today rose by nearly 4 per cent after it sold about 50 per cent stake each in two upcoming projects in New Delhi to Singapore's sovereign wealth fund GIC for Rs 1,990 crore.
The stock ended the day at Rs 109.60, up 3.40 per cent on BSE. In intra-day trade, it surged 7.83 per cent to Rs 114.30.
On the NSE, the stock settled with a gain of 3.68 per cent at Rs 109.70.
In terms of volume, 18.32 lakh shares of the company changed hands on the BSE and over one crore shares were traded on the NSE during the day.

To boost cash flow and reduce debt, the company's arm DLF Home Developers Ltd (DHDL) and GIC have "entered into a joint venture to invest in two upcoming projects located in Central Delhi".
DLF is raising private equity at project levels after a gap of 4-5 years.

"GIC will invest approximately Rs 1,990 crore. The JV is expected to benefit from GIC's experience of investing in integrated developments across the globe," DLF said in a statement.
It did not share the details of the joint venture, but sources said the realty major has sold around 50 per cent shareholdings in the two upcoming projects, adjacent to its existing project 'Capital Green' at Moti Nagar in Delhi.

The Rs 1,990 crore investment by GIC is consideration for around 50 per cent shareholding in each of these projects, spread over about 25 acres, they said.
The deal will be completed after all the statutory requirements have been met.