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DLF gains on stake sale buzz in IT SEZ

The stock has rallied 16% from its record low of Rs 120 touched on August 6, after plunging 31% in eight trading sessions.

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SI Reporter Mumbai
Last Updated : Aug 08 2013 | 12:50 PM IST
DLF has moved higher by over 6% to Rs 139 on reports that the real estate developer is looking to sell its under-construction IT special economic zone (SEZ) project in Pune, Maharashtra to for an anticipated Rs 250 crore.

DLF has started negotiating with private equity firms and local developers for selling the 29-acre project which has a built-up area of 2.9 million sq ft for an anticipated Rs 250 crore, a move in line with the company's strategy to pare its debt by exiting non-core projects and businesses, the Economic Times report suggests.

DLF and its JV partner Hubtown have already sold the completed 1.8-m sq ft first phase of the project to Blackstone for Rs 810 crore.

The stock has rallied 16% from its record low of Rs 120 touched on August 6, after it had plunged 31% in eight trading sessions from Rs 175 on BSE. A combined 6.69 million shares changed hands on the counter till 1240 hours on BSE and NSE.
 

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First Published: Aug 08 2013 | 12:40 PM IST

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