DLF shares rally after selling Delhi’s Saket shopping mall for Rs 904 cr

By: | Updated: March 18, 2016 1:11 PM

DLF share price rose after the realty firm on Thursday sold its shopping mall at Saket in New Delhi to its wholly-owned subsidiary for Rs 904.5 crore.

DLfDLF on Thursday sold its shopping mall at Saket in New Delhi to its wholly-owned subsidiary for Rs 904.5 crore as part of its strategy to consolidate and monetise the rental assets. (Photo: Reuters)

Realty firm DLF share price surged nearly 3 per cent on Friday after the company sold its shopping mall at Saket in New Delhi to its wholly-owned subsidiary for Rs 904.5 crore as part of its strategy to consolidate and monetise the rental assets.

At 12.51, DLF share price was trading 1.57 per cent up at Rs 106.70. The scrip opened at Rs 107.10 and has touched a high and low of Rs 108 and Rs 106, respectively, in trade so far. Sensex was trading 121.27 points up at 24,798.64.

DLF has sold its shopping mall at Saket in New Delhi to its wholly-owned subsidiary — Nambi Buildwell, as part of a strategy to consolidate and monetise rental assets.

This is in line with the strategy to structure ownership of existing assets in order to facilitate potential monetisation either through REITs or otherwise in future, subject to necessary regulatory and statutory approvals, the company said in a filing to the BSE.

The promoters holding in the company stood at 74.99% while Institutions and Non-Institutions held 18.70 per cent and 6.31 per cent respectively.

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