DLF ends flat on possible stake sale to Singapore's sovereign wealth fund GIC

NEW DELHI: Shares of DLF rallied over 3 per cent in trade today as India's largest real estate developer is close to selling a majority stake in a residential project in New Delhi to Singapore's sovereign wealth fund GIC, two people aware of the deal said.

The share ended the session at Rs 115.05, up 0.52 per cent.

The stock hit an intraday of Rs 118.55, up 3.58 per cent, on the BSE.

The transaction may be valued at Rs 1,500 crore- Rs 2,000 crore.

The 25-acre project in the Moti Nagar area of west Delhi, to be called DLF Capital Greens 6, has secured all approvals and is likely to be launched in the next few months.

The builder did not find many takers when it assessed demand for the project through local brokers some months ago, one of the persons said.

"DLF may be looking at commencing construction and selling only when the market improves," the person said, asking not to be identified.

DLF said it does not comment on market speculation.

(With inputs from ET Bureau)