BackDLF shares soar 17% on reports of pact with GIC for rental arm
DLF shares rose 16.51% and 16.77% on BSE and NSE respectively, raising the company's market valuation by Rs4,576.71 crore
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New Delhi: Shares of DLF soared nearly 17% on Monday following reports that its promoters are likely to enter into an agreement, later in August, with Singapore’s sovereign wealth fund GIC to sell their 40% stake in its rental arm for an estimated Rs13,000 crore.
The stock skyrocketed 16.51% to settle at Rs181.05 on the BSE. Intra-day, it surged 18.53% to Rs184.20.
At the National Stock Exchange (NSE), shares of the company zoomed 16.77% to end at Rs181.65.
The company added Rs4,576.71 crore to its market valuation, which stood at Rs32,299.71 crore.
On the volume front, 29.09 lakh shares of the company were traded on the BSE and over three crore shares changed hands at the NSE during the day.
In October 2015, DLF had announced that its promoters would sell their entire stake in the DLF Cyber City Developers Ltd (DCCDL), which holds the bulk of the commercial assets of the group. The promoters had in March entered into an exclusivity pact with GIC to negotiate on this transaction.
According to market sources, both the parties are likely to sign definitive agreement by August-end.
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