- DLF bucks trend after selling Pune SEZ to Blackstone
Hot Pursuit Thursday, December 29, 2011 09:26 Hrs IST

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DLF bucks trend after selling Pune SEZ to Blackstone

DLF rose 0.18% at Rs 192.95 at 9:23 IST on BSE, in a weak market after the company and its joint venture partner sold their entire holding in a firm that owns a special economic zone for Rs 810 crore to an affiliate of Blackstone.

The announcement was made after market hours on Wednesday, 28 December 2011.

Meanwhile, the BSE Sensex was down 70.43 points, or 0.45%, to 15,657.42.

On BSE, 55,000 shares were traded in the counter as against an average daily volume of 9.81 lakh shares in the past one quarter.

The stock hit a high of Rs 193.90 and a low of Rs 191.60 so far during the day. The stock had hit a 52-week high of Rs 298.20 on 3 January 2011 and a 52-week low of Rs 173.40 on 17 August 2011.

The stock had underperformed the market over the past one month until 28 December 2011, sliding 8.02% compared with the Sensex's 2.72% fall. The scrip had also underperformed the market in past one quarter, falling 14.04% as against 4.37% fall in the Sensex.

The large-cap real estate firm has an equity capital of Rs 339.64 crore. Face value per share is Rs 2.

DLF and its joint venture partner Hubtown sold their entire stake in DLF Ackruti Info Parks (Pune), for an aggregate consideration of Rs 810 crore to an entity controlled by real estate fund affiliated with the Blackstone Group.

Prior to the stake sale, DLF and Hubtown held 67% and 33% stake in DLF Ackruti respectively. DLF Ackruti owns a notified IT/ITES SEZ located in Pune, Maharashtra. DLF said the transaction is in line with its objective of divesting its non-strategic assets.

On a consolidated basis, DLF's net profit fell 11% to Rs 372.41 crore on 6.9% rise in net sales to Rs 2532.41 crore in Q2 September 2011 over Q2 September 2010.

DLF's primary business is development of residential, commercial and retail properties.

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