DLF rises on plans to sell prime land in Mumbai for Rs 2,700 crore

DLF scrip is currently trading at Rs. 206.20, up by 4.95 points or 2.46% from its previous closing of Rs. 201.25 on the BSE.

The scrip opened at Rs. 202.95 and has touched a high and low of Rs. 207.00 and Rs. 200.00 respectively. So far 7, 06,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 261.35 on 22-Feb-2012 and a 52 week low of Rs. 169.55 on 04-Jun-2012.

Last one week high and low of the scrip stood at Rs. 207.00 and Rs. 192.85 respectively. The current market cap of the company is Rs. 35,020 crore.

The promoters holding in the company stood at 78.59% while Institutions and Non-Institutions held 15.94% and 5.47% respectively.

DLF, India’s largest real estate developer is in discussion with Lodha Developers to sell its prime land in Mumbai for about Rs 2,700 crore. In 2005, it had purchased 17.5 acres of land from the National Textile Mills for about Rs 700 crore and now wants to sell this land to divest non-core assets to reduce its huge debt of Rs 22,725 crore.

The company is asking for the full payment at a time and does not want staggered payments. Lodha Developers will rope in a private equity firm in this deal. In the last couple of years, DLF has raised Rs 4,844 crore from sale of non-core assets, which included hotel plots and IT Park/SEZs.