DLF sells 9 acre land to American Express

India’s one of the largest real estate developers, DLF on Monday informed the bourses that it has sold land parcel of around 9 acre located in Sector 74 A, Gurugram to American Express (India) for a consideration of Rs. 32 crore per acre translating value of overall deal to approx. Rs. 288 crore. The American Express will use this land parcel for building its office campus.

DLF owns around 120 acres of land bank at Gurugram which it has earmarked for commercial development. It aims to develop over 25 msf area in these sectors.

As on Q1FY20, DLF reduced its net debt by Rs. 1,867 crore to Rs. 3,416 crore. Going forward, DLF aims to achieve debt free status. Promoter infusion of Rs. 11,250 crore and Rs. 3,173 crore raised through QIP has resulted in low levels of leverage. During the quarter, the company has achieved net sales bookings of Rs. 705 crore.

In Tuesday’s session, trade the stock of DLF was trading in positive terrain. The stock opened at Rs. 162.65 as against previous close of Rs. 161.65. The stock today has touched intra-day high and low of Rs. 163.65 and Rs. 161.70 respectively. At 10.40 hours, the stock was trading at Rs. 161.4 apiece, down by 0. 2 per cent.