DLF share price rose over 5% today after the real estate player said it was buying a 51.8 percent stake in Fairleaf for Rs 780 crore. DLF stock touched an intraday high of Rs 239, rising 5.71% on BSE. Market cap of the firm rose to Rs 58,157 crore on BSE.
The realty stock opened with a gain of 3.94% at Rs 235 against previous close of Rs 226.10 on BSE.
DLF share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The share has gained 1% in one year and risen 1.8% since the beginning of this year.
In a month, the realty share has risen 25.65%.
DLF Cyber City Developers Limited (DCCDL), a unit of DLF, currently holds a 48.2 percent stake in Fairleaf Real Estate Private Limited. Fairleaf is a joint venture firm, with funds managed by US-based Hines, which owns and operates One Horizon Center, Gurugram.
"The purchase consideration for this acquisition is approximately Rs 780 crore, subject to customary closing adjustments," the company said in a late night filing on Friday.
Hines has around nearly 52 per cent stake in the One Horizon Centre while the rest is with DCCDL. DCCDL has the first right of refusal with respect to acquiring Hines' stake. The commercial tower One Horizon Center has leasable area of about 8,13,000 square feet offering high-end Grade A office spaces along with complementary retail space.