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DLF surges 2% on transfer of mall to subsidiary
At 1004 hrs, DLF was quoting Rs 176, up 2.36 percent on the BSE.
Shares of DLF surged more than 2 percent after the realty major transferred a shopping mall in Noida to its subsidiary firm for Rs 2,950 crore.
The transfer of DLF Mall of India to Paliwal Real Estate was done at arm's length, as part of efforts to settle dues of its joint venture firm with GIC.
DLF owes Rs 8,700 crore to the DLF Cyber City Developers Ltd (DCCDL), which is a joint venture firm of DLF and Singapore's sovereign wealth fund GIC.
The largest commercial real estate developer in India wants to settle this debt by September this year through the transfer of rental assets and land parcels, said a PTI report.
At 1004 hrs, DLF was quoting Rs 176, up 2.36 percent on the BSE.
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