Moneycontrol Bureau
DLF shares gained nearly 3 percent intraday Friday on board approval for selling shopping mall in Delhi to its subsidiary.
"Based on recommendations of Audit Committee, board of directors (on March 17) has approved sale of 'DLF Place, Saket', a shopping mall, along with land parcel on which the said mall is situated, to Nambi Buildwell Private Limited, a wholly-owned subsidiary of the company on arm's length basis," says the country's largest real estate company in its filing.
The mall has a built up area of 5.16 lakh square feet (approximately) and it will be sold for Rs 904.50 crore.
DLF says 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. REIT is Real Estate Investment Trust that owns or finances income-producing real estate.
This could be a part of company's strategy to reduce debt that has been more than Rs 21,000 crore.
Meanwhile, DLF declared an interim dividend of Rs 2 per share for FY16, which will be paid to shareholders before March 31.
At 11:19 hours IST, the scrip of DLF was quoting at Rs 106.40, up Rs 1.35, or 1.29 percent on the Bombay Stock Exchange.Posted by Sunil Shankar Matkar
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