Dlf Sells Stake In Kenneth Builders To Indiabulls Real Estate
DLF Ltd. Indias biggest developer said it sold its stake in Kenneth Builders and Developers Ltd. to its equal partner in the venture Indiabulls Real Estate Ltd.
DLF and Indiabulls formed the joint venture in 2006 to develop highend 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.
Buying and selling land is a continuous process for us’ Sanjey Roy a spokesman for the New Delhibased DLF said in a phone interview confirming that the transaction took place while declining to give details. Kubeir Khera a spokesman for Indiabulls declined to comment.
DLF sold its stake for 5 billion rupees the Economic Times said today without saying where it got the information.
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.
Indiabulls Real Estate partly owned by Goldman Sachs Group and Merrill Lynch Co. was spun off from Indiabulls 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.
Indiabulls the nations fourthbiggest 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.
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