DLF sold its stake in its 50-50 joint venture with Ackruti City to a U.S.-based real estate fund for Rs2bn, stated reports.
The venture is developing 9mn square feet of office space at a northern Mumbai suburb. The sale is part of DLF' plan to raise Rs55bn through asset sale and reduce its Rs140bn debt by March 2010.
Shares of DLF ended lower by 2% to Rs278. The scrip touched an intra-day high of Rs288 and a low of Rs271 and recorded volumes of over 6.3mn shares on BSE.
