Shares of DLF today rose sharply by nearly 8 per cent after the realty major said it has entered into a joint venture with Singapore’s GIC to invest in two upcoming projects located in Central Delhi.
The stock climbed 7.83 per cent to Rs 114.30 on the BSE. On the NSE, shares of the company surged 7.98 per cent to Rs 114.25.
DLF said, “GIC will invest a sum of approximately Rs 1,990 crore. The joint venture is expected to benefit from GIC’s experience of investing in integrated developments across the globe.”
“DLF Home Developers Ltd (DHDL), a wholly-owned subsidiary of DLF Ltd, and GIC, Singapore’s sovereign wealth fund, have entered into a joint venture to invest in two upcoming projects located in Central Delhi. Both projects will be developed under DHDL,” the company said in a BSE filing.
The investment is subject to meeting all statutory requirements and conditions precedents which are customary, prior to the closing.