Moneycontrol Bureau
Shares of DLF jumped 6 percent intraday on Monday as the real estate developer sold Amanresorts to its original founder Adrian Zecha for USD 358 million. The sale will help the realty company to cut its debt.
In a statement, DLF said its subsidiary, DLF Global Hospitality, has completed the sale of entire 100 percent stake in Silverlink Resorts, which owns Amanresorts, to Aman Resorts Group Ltd for "an enterprise value of USD 358 million."
“The sale has been in the form of management buyout. The transaction is a part of DLF's objective of divesting its non core assets,” the company said. The deal excludes the iconic Lodhi Hotel in Delhi which shall remain a part of DLF.
Earlier in 2007, DLF had acquired Amanresorts from Zecha and other investors for an estimated value of USD 400 million.
At 09:30 hrs, the stock was quoting at Rs 145.15, up Rs 7.20, or 5.22 percent on the BSE.
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