DLF shares end 3 pct up on selling Amanresorts for USD 358 mn

Written by PTI | Mumbai | Updated: Feb 11 2014, 00:26am hrs
DLF sharesThe move would help the company trim net debt and exit from non-core businesses. Reuters
Shares of realty firm DLF today gained nearly 3 per cent after the company announced the sale of its luxury hospitality chain Amanresorts to its original founder Adrian Zecha for USD 358 million (about Rs 2,200 crore).

DLF's scrip ended the day 2.94 per cent higher at Rs 142 on the BSE. During the day, the stock shot-up by 5.79 per cent to Rs 145.95.

At the NSE, the company's scrip settled 2.86 per cent higher at Rs 141.90.

The move would help the company trim net debt and exit from non-core businesses.

In December 2012, DLF had signed a pact with Indonesian hotelier Zecha to sell Amanresorts for USD 300 million (about Rs 1,600 crore). However, the deal was not completed in the stipulated time-frame of June 2013, forcing DLF to walk out of the exclusivity pact.

In a statement, DLF said its subsidiary, DLF Global Hospitality Ltd, has completed the sale of entire 100 per cent stake in Silverlink Resorts Ltd, which owns Amanresorts, to Aman Resorts Group Ltd for "an enterprise value of USD 358 million."

Aman Resorts Group Ltd is a Joint Venture between Peak Hotels and Resorts Group Ltd and Adrian Zecha.

Meanwhile, DLF today said it has received a refund of Rs 675.81 crore from DDA following the scrapping of a project to develop an international convention centre in the national capital.

In July 2007, DLF had bagged Rs 6,000 crore contract from DDA for constructing the convention and exhibition centre at Dwarka.