Shares of realty major DLF climbed today ahead of audit committee review of share sale to GIC.
The stock jumped as much as 7.9 per cent to Rs 189.15. The stock was the top percentage gainer on Nifty Realty index, which was up 3.1 per cent.
DLF had said on Tuesday an audit committee would review the status of the proposed sale of compulsorily convertible preference shares to an affiliate of Singapore sovereign wealth fund GIC.
“The news is positive as proceeds from the proposed share sale will be infused back into DLF to help the company reduce debt,” said Parikshit Kandpal, senior analyst at HDFC Securities.
Nifty realty index gained the most among others on the broader NSE index and was set to post its first session of gains in four.