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Shares of DLF on Friday rose over six per cent, adding Rs 1,407 crore to its market valuation, after the Securities Appellate Tribunal (SAT) allowed the realty giant to redeem mutual funds (MFs) worth Rs 1,806 crore to meet working capital needs and service debt payments.
After surging 6.59 per cent to Rs 135 in intra-day trade, shares of DLF finally ended at Rs 134.55, up 6.24 per cent at the BSE.
At the National Stock Exchange (NSE), the stock rose 6.31 per cent to end at Rs 134.75.
"DLF climbed as the SAT has allowed it to redeem Rs 1,806 crore from MFs," said Rakesh Goyal, senior vice-president, Bonanza Portfolio.
Following the gain in the stock, the market cap of the company surged to Rs 23,976 crore. On the volume front, 3.25 million shares of the company changed hands on BSE, while about ten million shares were traded on the NSE during the day.
DLF had sought permission to redeem money locked in mutual funds after being slapped with market regulator Sebi's ban last month that bars it from accessing the capital market for three years.
The final hearing in DLF's main appeal against the Sebi order would be held on December 10, prior to which Sebi and the company will have to file their replies with SAT.
As an interim measure, SAT has allowed the company to redeem MFs worth Rs 767 crore in the current month and further funds worth Rs 1,039 crore in December.
