The share price of the leading realty firm DLF Limited rose over 2.5% on BSE and NSE after the company’s wholly subsidiary HINES have entered into a joint venture (JV) to develop a high-end commercial project in Gurugram. This development was announced by the company post market hours on Tuesday.
Accordingly, DLF Home Developers Limited (DHDL), has entered into JV with Green Horizon Trustee, which is an affiliate of HINES, for the development of a high-end commercial project in Gurugram.
The total investment for this JV will be Rs1,900-Crore and the DHDL will hold a 67% stake in the JV while the rest 33% will be held by Hines with an option to increase the stake to 49%.
Separately, the Company has also announced sale of 33% stake in its upcoming commercial project in Gurugram, in a deal size at Rs650-crore.
This advancement brought cheers among investors which led to a rise in the price of DLF stocks. The DLF Limited’s stock on Wednesday spiked 2.63% or Rs5.10 at Rs.199.10 per share on the NSE. While on the BSE, the stock surged 2.55% with the same price quote (Rs.199.10), in comparison the benchmark Sensex quoted at 38434.33 up by 70.86 points and the NSE Nifty50 up 5 points at 11537.35.