DHFL gains 3% as it announces stake sale in DHFL Pramerica

DPAM is a 50:50 joint venture (JV) between DHFL and US-based Prudential Financial.

Shares of Dewan Housing Finance Corporation (DHFL) rose 3.5 percent in early trade after the company said it is selling its entire stake in DHFL Pramerica Aset Managers (DPAM) to Prudential Financial.

DPAM is a 50:50 joint venture (JV) formed in 2014 between DHFL and US-based Prudential Financial.

The stock gained as much as 5.2 percent, quoting at Rs 225.00.

DHFL signed the divestment agreement with PGLH of Delaware, a unit of Prudential Financial.

At 10:06 hours, DHFL was quoting at Rs 222.00, up 3.79 percent.

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