DLF is trading higher by 2% at Rs 179 in early morning deals on BSE after the real estate major said it has signed a definitive agreement to sell its 74% equity stake in its the Life Insurance Joint Venture - DLF Pramerica Life Insurance Company to Dewan Housing Finance Corporation and its group entities.
The transaction is in line with the DLF's ongoing strategy to divest non-core assets, the company said in a statement.
As per the company, the transaction of the sale value would be disclosed post receipt of all approvals.
DLF Pramerica Life Insurance Company Ltd is a joint venture between DLF and Prudential International Insurance Holdings Ltd, a subsidiary of Prudential Financial, Inc USA.
DLF stock opened at Rs 177 and hit a high of Rs 180 so far on BSE. Dewan Housing Finance was also trading higher by 3% at Rs 158.
The transaction is in line with the DLF's ongoing strategy to divest non-core assets, the company said in a statement.
As per the company, the transaction of the sale value would be disclosed post receipt of all approvals.
DLF Pramerica Life Insurance Company Ltd is a joint venture between DLF and Prudential International Insurance Holdings Ltd, a subsidiary of Prudential Financial, Inc USA.
DLF stock opened at Rs 177 and hit a high of Rs 180 so far on BSE. Dewan Housing Finance was also trading higher by 3% at Rs 158.