DLF gains 7% on announcement of fundraising through QIP

DLF said a meeting of Securities Issuance Committee of the board of directors is scheduled to be held on Thursday to determine the issue price of the equity shares

Shares of DLF rallied by 7 per cent to Rs 202 in intra-day trade on the BSE on Tuesday after the real estate developer on Monday announced the launch of a Qualified Institutional Placement (QIP) programme to raise Rs 3,175 crore.

The stock was trading close to its 52-week high of Rs 226 touched on April 27, 2018 in intra-day trade.

DLF said a meeting of Securities Issuance Committee of the board of directors is scheduled to be held on Thursday, March 28, to consider and determine the issue price of the equity shares to be issued in the QIP.