DLF, country’s largest real estate developer, plans to raise Rs 2,100 crore by selling 8.1 crore shares to qualified institutional buyers by April. The move, which is in line with guidelines stipulating 25% public shareholding, will also help reduce the realtor's debt. The company, for this, will acquire board’s approval in a few weeks.
The pricing, which will be decided in April, in any case, will be either at the prevailing market price or at a discount of 5%, as permitted under the institutional Placement Programme (IPP) guidelines. The promoters, who hold 78.58% of the company, with this programme, will trim their stake to 75%.
In August 2010, capital market regulator Securities Exchange Board of India (SEBI) had directed 193 listed companies to reach a minimum public shareholding of 25% by June 2013.
