DLF was up 2.3% at Rs 133.55 at 12:15 IST on BSE on media reports that its rental arm has received non-binding bids estimated at between $1-1.3 billion from three big global investors for acquiring 40% stake.
Meanwhile, the S&P BSE Sensex was down 17.83 points or 0.07% at 26,378.94.
On BSE, so far 3.7 lakh shares were traded in the counter as against average daily volume of 11.80 lakh shares in the past one quarter. The stock hit a high of Rs 134 and a low of Rs 132.05 so far during the day. The stock had hit 52-week high of Rs 142.90 on 9 October 2015. The stock had hit 52-week low of Rs 72.50 on 12 February 2016. The stock had outperformed the market over the past one month till 13 June 2016, surging 7.14% compared with the Sensex's 3.56% rise. The scrip had also outperformed the market in past one quarter, jumping 22.65% as against the Sensex's 6.79% rise.
The large-cap company has equity capital of Rs 356.75 crore. Face value per share is Rs 2.
According to media reports, Blackstone Group, GIC of Singapore and Brookfield Asset Management have made non-binding offers estimated at between $1-1.3 billion for acquiring 40% stake in DLF Cyber City Developers (DCCDL), which owns the leased commercial assets including office and retail space portfolio in the National Capital Region and in Kolkata. The deadline for filing the initial bids for acquiring a significant minority stake in DCCDL ended last weekend. Reports also suggested that a consortium of Qatar and Abu Dhabi sovereign funds, along with Kotak Realty Fund, has also put in a bid. The deal-making is a precursor to DLF's plans to list the rent-yielding assets through a real estate investment trust (REIT) after roping in a marquee global investor.
DLF's consolidated net profit fell 22.9% to Rs 132.39 crore on 19.5% growth in net sales to Rs 2335.56 crore in Q4 March 2016 over Q4 March 2015.
DLF's primary business is development of residential, commercial and retail properties.
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