DLF gains on selling stake in Pramerica Insurance JV

MUMBAI: DLF was the top gainer on the Nifty in early trade as investors rushed to lap it up after it sold its stake in Pramerica Insurance JV.
At 09:30 a.m.; the stock was at Rs 178.10, up 1.74 per cent, on the NSE. It touched a high of Rs 179.55 and a low of Rs 178 in trade today.
The real estate major signed definitive agreements to sell its 74 per cent equity stake in its life insurance joint venture – DLF Pramerica Life Insurance Company, a JV with Prudential International Insurance Holdings, a subsidiary of Prudential Financial, to Dewan Housing Finance Corporation.

As these agreements are subject to regulatory approvals, the transaction consideration shall be disclosed post receipt of all such approvals.

"This transaction is in line with our ongoing strategy to divest non-core assets," DLF group's chief financial officer Ashok Tyagi said.

“As per the company, the transaction of the sale value would be disclosed post receipt of all approvals. We continue to maintain 'Buy' rating on the stock with a target price of Rs 236,” said Angel Broking note.