DLF in demand on stake sale plans; stock up 5%
Shares of realty major DLF were in demand after company’s founders announced plans to sell 168 million shares, or nearly 10 per cent of the firm's equity.
By ET Bureau |
MUMBAI: Shares of realty major DLF were in demand Wednesday after the company���s founders announced their plans to sell 168 million shares, or nearly 10 per cent of the firm's equity.
At Tuesday's closing price of Rs 236.25 a share, the sale would help the founders raise Rs 3970 crore but media reports suggested that the issue was expected to close at about Rs 228 per share.
Reports said the transaction was to be concluded through bulk deals on the stock exchange on Wednesday. DLF said in a statement to the stock exchange the funds raised through the share sale would be used to infuse capital in its property trust DLF Assets Ltd and also to purchase private equity D.E. Shaw's stake in DAL.
At 10:20 am, the company���s shares rose 5.1 per cent to Rs 248.30 on the BSE.
At Tuesday's closing price of Rs 236.25 a share, the sale would help the founders raise Rs 3970 crore but media reports suggested that the issue was expected to close at about Rs 228 per share.
Reports said the transaction was to be concluded through bulk deals on the stock exchange on Wednesday. DLF said in a statement to the stock exchange the funds raised through the share sale would be used to infuse capital in its property trust DLF Assets Ltd and also to purchase private equity D.E. Shaw's stake in DAL.
At 10:20 am, the company���s shares rose 5.1 per cent to Rs 248.30 on the BSE.
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