DLF shares gain as promoters kick off $2bn divestment in rental arm
DLF share price climbed over 3 per cent intraday on Monday after the realty firm initiated the process to sell promoters’ 40 per cent stake in its rental arm, a deal estimated at Rs 12,000-14,000 crore.
At 2.16 pm, shares of DLF were trading 1.82 per cent up at Rs 120.60. The scrip opened at Rs 119.30 and has touched a high and low of Rs 122.40 and Rs 119.30, respectively, in trade so far.
The share price of DLF closed the day at Rs 120.55, 1.77 per cent higher against the previous close.
DLF had in October last announced that its promoters will sell their stake in the DLF Cyber City Developers (DCCDL), which holds the bulk of office and retail complexes. The realty firm would continue to own remaining 60 per cent stake in DCCDL. DLF’s bankers have circulated the information memorandum to 18-20 global institutional investors that are keen to purchase this stake.
DCCDL has about 25-26 million sq ft of leased commercial space with an annual rental income of about Rs 2,250 crore.
Blackstone, Singapore’s sovereign wealth fund GIC, Canada Pension Plan Investment Board, Brookefield, Abu Dhabi Investment Authority and Qatar Investment Authority are among the prospective buyers.
Other Latest News
.webp)
The Supreme Court on Tuesday pulled up the Uttarakhand State Licensing Authority for inaction in the misleading advertisements case involving Patanjali Ayurved Limited.
Expressing dissatisfaction over the explanation offered by the body, a bench of Justice Hima Kohli and Justice Ahsanuddin Amanullah observed it appeared that the licensing authority got activated to take action in accordance with the law only after the apex court's April 10 order.
.webp)
Samajwadi Party MP Dimple Yadav has said India will go back 15 years if the BJP wins the Lok Sabha polls, accusing the party of practising "divisive politics" to divert attention from real issues.
In an exclusive interview with PTI, Dimple Yadav, who is aiming to carry forward the legacy of her father-in-law and SP patriarch late Mulayam Singh Yadav by retaining the Mainpuri seat, asserted that the people are going to vote for change this time.
.webp)
Microsoft will invest $1.7 billion over the next four years into expanding cloud services and artificial intelligence in Indonesia, including building data centres, visiting chief executive Satya Nadella said on Tuesday.
Jakarta is Nadella's first stop on a trip to Southeast Asian countries aimed at promoting the US company's generative AI technology. He will go to Malaysia and Thailand later this week.
.webp)
JNK India stock made a strong market debut on Tuesday with its shares getting listed at Rs 621, a 50 per cent premium over its issue price of Rs 415 per share on the National Stock Exchange (NSE). Post listing, the stock moved to an intraday high of Rs 665, 60 per cent up over issue price.
At 10:02 am, JNK India stock was trading at Rs 651, 57 per cent higher than issue price, with around 6.19 million equity shares changing hands on the NSE, data shows.
.webp)
HSBC said on Tuesday its Chief Executive Noel Quinn will retire - a surprise departure by its hard-nosed leader of five years who has overseen a sweeping series of asset sales across the globe.
The bank said it has launched a formal process to find a successor.
.webp)
.webp)
.webp)
.webp)
.webp)
