DLF builds up over 4.5%

DLF is amongst the top gainers of the day currently, up 4.5% at Rs.144.10, with an intra day high at Rs.145.95, with volumes almost at 5 lakh shares.

The stock is up after the company issued a press statement saying that it had sold off its Aman Resorts property to its original founder, Adrian Zecha for $358 million and this money will be used to settle some of the debt of the company. The sale has been in the form of management buyout. DLF Global Hospitality Limited had purchased 100% equity in Amanresorts in 2007 from a group of investors for an estimated value of $400 million. The deal excludes the iconic Lodhi Hotel in Delhi which shall remain a part of DLF Ltd.