DLF rose 2.4% to Rs 113.25 at 10:45 IST on BSE after company's subsidiary, DLF Utilities, has entered into definitive agreements to sell DT Cinemas to PVR, on a slump sale basis.
Shares of PVR rose 0.75% to Rs 671.40.
The company made announcement after market hours yesterday, 9 June 2015.
Meanwhile, the BSE Sensex was up 295.23 points, or 1.11%, to 26,776.48.
On BSE, so far 2.24 lakh shares were traded in the DLF counter, compared with an average volume of 10.45 lakh shares in the past one quarter.
The stock hit a high of Rs 114.40 and a low of Rs 113.35 so far during the day. The stock hit a 52-week high of Rs 242.80 on 9 June 2014. The stock hit a 52-week low of Rs 100 on 16 October 2014.
The stock had underperformed the market over the past one month till 9 June 2015, declining 16.84% compared with 2.3% decline in the Sensex. The scrip had also underperformed the market in past one quarter, dropping 26.68% as against Sensex's 8.19% fall.
The large-cap real estate company has an equity capital of Rs 356.39 crore. Face value per share is Rs 2.
DLF announced that its subsidiary, DLF Utilities has entered into definitive agreements to sell its cinema exhibition business operated under the brand name of "DT Cinemas", to PVR, on a slump sale basis for an aggregate consideration of Rs 500 crore approximately. The proposed transaction will be subject to approval of applicable statutory and regulatory approvals and satisfaction of customary conditions precedent.
Separately, PVR announced after market hours yesterday, 9 June 2015, that its board has approved acquisition of the cinema exhibition business of DLF Utilities. Accordingly, PVR executed definitive agreements with DLF Utilities to acquire its cinema exhibition business, which is operated under the brand name of "DT Cinemas", on slump sale basis for an aggregate consideration of Rs 500 (five hundred) crore approximately.
DT Cinemas currently operates 29 screens with approximately 6,000 seats across 8 properties in the National Capital Region and Chandigarh. In the next 12 months, DT proposes to add 10 new screens at two properties in the National Capital Region. Currently, PVR has 467 screens across 105 locations in 43 cities. As a result of the proposed acquisition, PVR will have a presence in 44 cities with 115 multiplexes and 506 screens.
On consolidated basis, DLF's net profit fell 21.9% to Rs 171.62 crore on 15% drop in total income to Rs 2144.23 crore in Q4 March 2015 over Q4 March 2014.
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