Benefit of SAT order: DLF stock jumps 6%

Securities Appellate Tribunal allowed the realty giant to redeem mutual funds worth Rs 1,8060000000 to meet working capital needs and service debt payments. Mumbai Shares of DLF rose nearly six% in early trade today after the Securities Appellate Tribunal allowed the realty giant to redeem mutual funds worth Rs 1,8060000000 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 1,8060000000 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 7670000000 in the current month and further funds worth Rs 1,0390000000 in December. Last month, 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 22 October and sought an interim relief. PTI