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DLF shares gain nearly 6% in early trade

Shares of DLF rose nearly 6% in early trade 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.

business Updated: Nov 07, 2014 12:13 IST

Shares of DLF rose nearly 6% in early trade 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.

DLF's scrip jumped 5.64% to Rs 133.80 on the BSE.

At the NSE, it surged 5.52% to Rs 133.75.

In a major interim relief to DLF, the Securities Appellate Tribunal had on Wednesday allowed the realty giant to redeem mutual funds worth Rs 1,806 crore to meet working capital needs and service debt payments.

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

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 Securities Appellate Tribunal (SAT).

As an interim measure, SAT has allowed the company to redeem mutual funds worth Rs 767 crore in the current month and further funds worth Rs 1,039 crore in December.

In October, Sebi had banned DLF and six of its senior-most officials, including founder-Chairman K P Singh, from capital markets for three years. The company had challenged the ban in SAT on October 22 and sought an interim relief.