DLF gains after tribunal nod to redeem MF investments

DLF is trading 4% higher at Rs 132 on BSE, in otherwise subdued market, after the Securities Appellant Tribunal (SAT), in an interim relief, allowed real estate giant to redeem its mutual fund investments of Rs 1,806 crore to service its debt.

After hearing an appeal for interim relief by DLF, the Tribunal allowed the company to redeem mutual funds worth Rs 767 crore in the current month and further funds worth Rs 1,039 crore in December, the PTI report suggests.

The tribunal, while allowing DLF’s plea, said the company would have to give a certificate by the statutory auditor that the money was used for the stated purpose.

The stock opened at Rs 131 and touched high of Rs 133 on NSE. A combined 4.16 million shares changed hands on the counter in first half-an-hour of trading on NSE and BSE.

DLF Ltd

Bombay Stock Exchange - BSE

National Stock Exchange of India Ltd (NSE)