Surprise! DLF a winner on Mumbai land sale buzz

Shares of DLF, the country’s largest listed real estate firm, rose 1.2 percent to Rs 197 after a report the company was about sell a plot in Mumbai to Lodha group and a private equity company for Rs 2,800 crore.

The sale of 17.5 acre will help the company cut its debt that stood at Rs 22,725 crore as of March 31, a report in the Economic Times said.

According to the report, the buyers have paid advance and the final terms of the deal are being worked out.

[caption id=“attachment_396257” align=“alignleft” width=“380”]  Reuters[/caption]

A report on CNBC-TV18 had said last week that the companies are closing in on the deal.

“Once the deal is closed, Lodha Developers may make staggered payments till the end of September. However, the company is expected to get a substantial chunk in the first tranche,” the report said.

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DLF had bought the land from the National Textile Corporation in 2006 for Rs 703 crore.