DLF is trading higher by 2.1% at Rs 275 after its board approved the issuance of fresh equity shares to dilute promoter group holding in the company to meet Sebi norms of 25% minimum public shareholding.
“To achieve the minimum public shareholding, the board approved offering of equity shares by way of Institutional Placement Programme (IPP) and/or any other method prescribed and approved by SEBI, subject to approval of the shareholders,” realty major DLF said in a statement.
Promoters currently hold 78.58% stake in the firm, the BSE data shows.
“DLF is likely to offer over 80 million shares, which will be worth Rs 2,100 crore at current market price,” the PTI report suggests.
The funds raised would be used to trim debt that stood at Rs 21,350 crore at the end of December 2012, it added.
The stock opened at Rs 270 and hit a high of Rs 276 on NSE. A combined 5.32 million shares have changed hands on the counter so far on NSE and BSE.
The stock has rallied almost 10% after the company announced stake sale plan on March 5 compared to 1.9% rise in benchmark Sensex.
“To achieve the minimum public shareholding, the board approved offering of equity shares by way of Institutional Placement Programme (IPP) and/or any other method prescribed and approved by SEBI, subject to approval of the shareholders,” realty major DLF said in a statement.
Promoters currently hold 78.58% stake in the firm, the BSE data shows.
“DLF is likely to offer over 80 million shares, which will be worth Rs 2,100 crore at current market price,” the PTI report suggests.
The funds raised would be used to trim debt that stood at Rs 21,350 crore at the end of December 2012, it added.
The stock opened at Rs 270 and hit a high of Rs 276 on NSE. A combined 5.32 million shares have changed hands on the counter so far on NSE and BSE.
The stock has rallied almost 10% after the company announced stake sale plan on March 5 compared to 1.9% rise in benchmark Sensex.