DLF up 1% after receiving Rs 200 cr from IDFC

DLF , India’s largest real estate company, announced that Galaxy Mercantile (GML), a joint venture company of DLF Home Developers Limited, a wholly owned subsidiary of DLF Ltd, has received Rs 200 crore as the first tranche of infusion of capital from IDFC .

Shares of DLF are up 1 percent after opening at Rs 224.The stock has hit a high of Rs227 and a low of Rs 223. The stock is currently trading at Rs225, up Rs 0.90. Total traded quantity on the counter stood at over 2.10 lakh shares.

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The amount is received as part of a process for IDFC to acquire 100% stake in the joint venture company which has been received by the joint venture partners including DHDL. The balance which would be received from IDFC has been linked to the leasing milestones.

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Prior to this infusion of Rs 200 crore, DHDL had 71 percent stake in Galaxy Mercantil.

Spokesperson of IDFC Limited told moneycontorl.com, “We are pleased to partner with DLF, country’s largest and most experienced developer. This investment in GML is the first ever by by IDFC as a part its strategy to invest in a portfolio of yield generating office infrastructure assets in major markets around the country.”

Agencies