DLF Sells Stake to India Bulls Real Estate

January 25, 2008	(Be the first to rate this story!)  Loading ...
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India’s biggest real estate developers, DLF Ltd. Has sold its stake in Kenneth Builders and Developers Ltd. to its equal partner in the venture, India bulls Real Estate Ltd.

The two companies came together in 2006 to develop high-end residential apartments at Okhla in New Delhi. The unit bought its only holding, 35.8 acres (14.5 hectares) of land, for 4.5 billion rupees ($114 million) from the Delhi Development Authority in the same year.

In a telephonic interview Sanjey Roy, a spokesman for the New Delhi-based DLF said that buying and selling land is a continuous process of the company, he confirmed the transaction but refuse to give any details on the same.

According to the Economic Times DLF sold its stake for 5 billion rupees, but the relevancy of the information is still not clear. DLF shares traded 4.3 percent lower at 884.2 rupees at 2:16 p.m. on the Bombay Stock Exchange. The company, founded and mostly owned by billionaire Kushal Pal Singh, raised $2.3 billion selling shares in June last year.

India bulls Real Estate, partly owned by Goldman Sachs Group, and Merrill Lynch & Co., was spun off from India bulls Financial Services Ltd. last February. It traded 6.2 percent lower at 728.5 rupees while the key Sensex index was down 1.5 percent.

India bulls, the nation’s fourth-biggest developer by market value, is developing 1.12 million square feet of residential and office space in Gurgaon, adjoining New Delhi, and also 150 acres of land at Sonepat, 51 kilometers north of the Indian capital.

News Published Under:   Real Estate Developers |

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