DLF shares rose nearly 6 per cent in early trade after the Securities Appellate Tribunal (SAT) allowed the realty giant to redeem mutual funds 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.
DLF’s scrip jumped 5.64 per cent to Rs. 133.80 on the Bombay Stock Exchange on Friday. At the National Stock Exchange, shares of the company surged 5.52 per cent to Rs. 133.75.
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.
Stock markets were closed on Thursday on account of Guru Nanak Jayanti.
