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DLF Says GoodBye to Mutual Funds

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DLF is into sponsoring and Constructing Multiplexes has also ventured into the new business of Mutual Funds. According to www.propertykhazana.com, It has decided to come out of the mutual fund undertaking known as DLF Pramerica by selling the complete shares to its foreign partner, the US based Prudential Financials (PFI), would like to eye main business. PFI is also in the mould to procure DLF’s complete share of 39% in the management of property which is yet to start functioning. The exit from the assignment is in line with the DLF’s policy to concentrate on the vital assets and come out main business.
Furthermore, PFI and DLF have refused to comment on the ongoing scenarios. Speaking to www.propertykhazana.com, a spokesperson for DLF informed that, we do not comment on Market Fluctuations. The PFI Group is in the process of purchasing DLF’s shares at the same value to take full control of the property management firms. Furthermore, in the year 2008, the SEBI has provided the approval to PFI, to set up a property management firm.
Most of the firms has gone ahead and indicated there is approx USD 50 million over the next coming years and will play a vital role to manage the operations for the retail and institutional Clients. The real estate luminary is concentrating on all angles to reduce its liability. This is more than approx INR 13.000 Crores.
Furthermore, an official from Pramerica, the name coined by Prudential Finance, told www.propertykhazana.com that DLF would be happy to come out from the agreement due to the new rules and policies. Furthermore, PFI is the only sponsor and the DLF is the financial partner. Under the new rules and policies, DLF would like to wait for sponsor, in which it is not eligible. As per the new guidelines the company that does not have a five year records in the financial services is not at all in a position to apply for SEBI as the supporter for the mutual fund. DLF is having lion’s share of approx 75% in the life insurance market. For more updates, please visit the website www.propertykhazana.com.
Source: NBTVLIVE

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