DLF is trading higher by 3% at Rs 195 in otherwise weak market on reports that the country’s largest real estate company is planning to sell around 51% stake in its life insurance joint venture DLF Pramerica Life to HCL Group for about Rs 500 crore.
“DLF has debt of about Rs 2,200 crore and has been trying to reduce the burden by selling its non-core assets including the Amanresorts International hotel chain and a property in Mumbai,” the report suggests.
DLF owns 74% in the joint venture and US-based Prudential International Insurance holds the remaining 26%.KPMG has been appointed as the adviser for the transaction.
The stock opened at Rs 191 and touched high of Rs 196 on the Bombay Stock Exchange. As many as a combined 6.5 million shares have already changed hands on the counter so far, against an average 6.4 million shares that were traded daily in past two weeks.