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DLF surges over 6% as SAT allows to redeem MFs

New Delhi: Shares of realty major DLF rose over 6 per cent on Friday after the Securities Appellate Tribunal allowed the realty giant to redeem mutual funds worth Rs 1,806 crore to meet working capital
India TV Business Desk November 07, 2014 13:34 IST
India TV Business Desk

New Delhi: Shares of realty major DLF rose over 6 per cent on Friday after the Securities Appellate Tribunal allowed the realty giant to redeem mutual funds worth Rs 1,806 crore to meet working capital needs and service debt payments.

The company had sought permission to redeem money locked in mutual funds after being slapped with market regulator's ban last month that bars it from accessing the capital market for three years.

At 1:35 pm, DLF's scrip was trading at 133.35, up 5.29 per cent on the Bombay Stock Exchange.
Last month, the Securities and Exchange Board of India (Sebi) had banned DLF and six of its senior-most officials, including founder-Chairman KP Singh, from capital markets for three years.

The company had challenged the ban in SAT on October 22 and sought an interim relief.

The final hearing in DLF's main appeal against the Sebi order would be held on December 10, prior to which Sebi and the company will have to file their replies with SAT.

(With Agency inputs)