DLF shares rise over 3% as it initiates stake sale of rental arm

Shares of realty major DLF on Monday climbed over 3% after the company initiated the process to sell promoters' 40% stake in the rental arm, a deal estimated at Rs 12,000-14,000 crore.

At 1256 hours the shares of the company on BSE were up 1.48% or Rs 1.75 at Rs 120.20 per piece. On NSE the shares were trading up 1.35% or Rs 1.60 at Rs 120 per piece. 

Shares of the firm were trading at Rs 122.40 on BSE, up by 3.33% over the previous close. On NSE, the stock surged 3.42% to trade at Rs 122.45.

DLF had in October announced that its promoters will sell their stake in the DLF Cyber City Developers Ltd (DCCDL),which holds the bulk of office and retail complexes.

The realty firm would continue to own remaining 60% stake in DCCDL.

According to sources, DLF's bankers have circulated the information memorandum to 18-20 global institutional investors that are keen to purchase this stake.

Blackstone, Singapore's sovereign wealth fund GIC, Canada Pension Plan Investment Board, Brookefield, Abu Dhabi Investment Authority and Qatar Investment Authority are among the prospective buyers, they added.