DLF gains over 3% on selling shopping mall for Rs 904 cr

Mumbai: Shares of realty firm DLF today rose over 3 per cent after the company sold its shopping mall at Saket in the national capital to its wholly-owned subsidiary for Rs 904.5 crore as part of the strategy to consolidate and monetise the rental assets.

The stock of the country's largest realty firm gained 2.8 percent to Rs 108 on BSE.

At NSE, shares of the company went up 3.13 percent to Rs 108.40.

DLF said the Board has "approved sale of 'DLF Place Saket', a shopping mall, having built up area of 5.16 lakh sq ft along with land parcel .. to Nambi Buildwell Pvt Ltd, a wholly-owned subsidiary of the company on arm's length basis for an aggregate consideration of Rs 904.50 crore".

This is in line with the strategy to structure ownership of existing assets in order to facilitate potential monetisation either through REITs or otherwise in future, subject to necessary regulatory and statutory approvals, the company had said in a BSE filing yesterday.

Meanwhile, DLF's Board has declared an interim dividend of Rs 2 per fully paid equity shares of Rs 2 each of the company for 2015-16 fiscal.