DLF sells Aman Resorts to Adrian Zecha; stock gains

MUMBAI: Shares of real estate major DLF gained momentum after the company announced it has sold Aman Resorts to Adrian Zecha for $300 million. The deal will be completed by February 2013.

DLF had bought Aman Resorts for $400 million in 2007. The sale does not include Aman Resorts’ Delhi property.

It is the second major sale of non core asset by the company after it sold Lower Parel property to Lodha Builders for Rs 2,700 crore.

DLF is selling non core assets to cut debt of Rs 23,000 crore on its books

Adrian Zecha is the founder and Chairman of the Amanresorts Group of luxury resorts.

At 10:10 a.m.; the stock was at Rs 225.80, 1.01 per cent, on the BSE. It touched a high of Rs 223.55 and a low of Rs 226.46 in trade today.