DLF spurts as its arm executes amendment agreement with PVR

DLF Ltd. | Construction - Real Estate | Construction & Infrastructure | BSE: 532868 | NSE: DLF

31 May 2016 Evaluate

DLF is currently trading at Rs. 127.20, up by 0.85 points or 0.67% from its previous closing of Rs 126.35 on the BSE.

The scrip opened at Rs. 127.00 and has touched a high and low of Rs. 128.55 and Rs. 126.15 respectively. So far 369024 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 142.90 on 09-Oct-2015 and a 52 week low of Rs. 72.50 on 12-Feb-2016.

Last one week high and low of the scrip stood at Rs. 134.00 and Rs. 117.40 respectively. The current market cap of the company is Rs. 22903.37 crore.

The promoters holding in the company stood at 74.96% while Institutions and Non-Institutions held 18.07% and 6.96% respectively.

DLF Utilities (DUL), a subsidiary of DLF, has executed an amendment agreement on 30th May, 2016 with PVR in connection with sale of the cinema exhibition business (operated under the brand name of DT Cinemas) on a slump sale basis for a revised consideration of Rs 433 crore (Rs 100 crore of which to be received upon satisfaction of certain Conditions Subsequent).

The Amendment Agreement, inter alia provides for exclusion DT Savitri (1 screen) and DT Saket (6 screens) from the aforementioned transaction. Accordingly, subject to satisfaction of statutory, regulatory and other customary conditions precedent, the DUL proposes to sell 32 screens in National Capital Region and Chandigarh to PVR. Earlier on June 09, 2016, DUL had entered into definitive agreements for sale of its cinema exhibition business operated under the brand name of DT Cinemas, to PVR.

DLF is one of India’s largest real estate companies that has over 60 years of track record of sustained growth, customer satisfaction, and innovation. The company has 288 million square feet (approximately) of development potential with 45 million square feet of projects under construction.