DLF Ltd , which was seeking approval from the Board of Approvals for SEZs to sell the
shares of its IT SEZ in Pune in which it owned a 67% stake, has finally sold it to PE
player Blackstone for an estimated amount of Rs. 810 Cr, after obtaining all necessary
approvals.
The DLF Ltd is expected to receive around Rs. 540 Cr and the rest will go
to Hubtown Ltd. (Ackruti City), which owned a 23% stake in the joint venture.
The firm plans to utilize the entire amount to reduce its debt, which stood at
Rs. 25,450 Cr at the end of 2Q FY 2011-12. The transaction is in-line with DLF Ltd's objective
of divesting its non-strategic assets.
Angle Broking maintain Neutral rating on the DLF Ltd stock.
Review by Angel Broking
6th Floor, Ackruti Star
Central Road,MIDC
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