Meanwhile, the BSE Sensex was up 82.40 points, or 0.60%, to 13852.67
On BSE, 3.35 lakh shares were traded in the counter as against an average daily volume of 85.23 lakh shares in the past one quarter.
The stock hit a high of Rs 287 and a low of Rs 276.30 so far during the day. The stock had hit a 52-week high of Rs 576 on 12 August 2008 and a 52-week low of Rs 124.15 on 4 February 2009.
The stock had underperformed the market over the past one month till 8 July 2009, falling 22.25% as compared to the Sensex's 8.98% fall. However it outperformed the market in the past one quarter, advancing 34.14% as compared to the Sensex's return of 27.45%.
India's largest realtor by market capitalisation has an equity capital of Rs 339.44 crore. Face value per share is Rs 2.
The current price of Rs 285.50 discounts the company's year ended March 2009 EPS of Rs 9.12, by a PE multiple of 31.30
Following the stake sale, DLF will reportedly receive Rs 200 crore plus the proportionate cost of construction done so far in the project. Around 20% of the construction work is complete, which may fetch DLF another Rs 20-25 crore. DLF has already received a token amount for the deal, reports added.
DLF has exited from the joint venture as part of its asset sale programme to raise Rs 5,500 crore by the end of this fiscal.
DLF has in the past two months raised around Rs 1,000 crore through asset sale across different cities in the country. It recently sold off its 66% rights in a land parcel in Prabhadevi, Mumbai, for Rs 310 crore to Chennai-based investor C Sivasankaran. It also sold off land parcels meant for hotels and commercial projects in Baroda, Gangtok and NCR.
DLF plans to raise around Rs 10,000 crore through asset sale in the next three years and halve its outstanding debt of Rs 14,000 crore by the end of the current fiscal.
A downturn in the Indian real estate sector, which dramatically reduced demand for homes, offices and shops, led to a cash crunch, forcing realty companies to liquidate assets to generate cash.
The Union budget 2009-10 presented by the Finance Minister Pranab Mukherjee on Monday, 6 July 2009, did not announce any sops for the real estate sector. Developers had anticipated the government to provide some funds to give a boost to a sagging real estate industry.
The real estate industry was also hoping for 'infrastructure status' to the housing sector and restatement of the tax holiday for affordable housing projects. To propel demand, the sector was expecting an increase in the limit of interest on deduction for housing loan and a corresponding increase in the tax deduction limit for the principal repayment.
On 13 May 2009, DLF promoters had sold 9.9% stake to raise Rs 3,860 crore. The promoters said the funds raised through the share sale would be used to infuse capital in its property trust DLF Assets (DAL) and also to purchase private equity D.E. Shaw's stake in DAL. DE Shaw had invested $400 million in DAL in 2007 and is due to exit by the end of the month under an agreement.
DAL has to pay around Rs 5000 crore to DLF against acquisition of assets. The funds to be infused by DLF promoters in DAL are likely to be used by DAL for repayment of dues of DLF.
DLF's net profit tumbled 95.3% to Rs 29.86 crore on a 96.6% decline in sales to Rs 55.53 crore in Q4 March 2009 over Q4 March 2008.
DLF is a real estate development company. The company develops residential, commercial, and retail properties.