Realty major DLF will be issuing fresh equity shares to dilute the promoter group holding in the company to meet SEBI norms of 25% minimum public shareholding. The company is planning to offer shares via Institutional Placement Programme (IPP) or other routes, as decided by its board of directors in a meeting held on March 6, 2013.
Promoter holding in the company currently stands at 78.58% stake and with this stake dilution; the holding will be reduced to 75%. The company is likely to offer over 8 crore shares, which will be worth Rs 2,100 crore at current market price.
Meanwhile, the company is reportedly planning to reduce its net debt by Rs 1,870 crore in the October-December 2013 quarter, thereby bringing it down to Rs 21,350 crore in the quarter from Rs 23,220 crore in the previous quarter. The reduction in debt in Q3 can primarily be attributed to the Mumbai NTC land deal struck in August 2012 with the Lodhas for Rs 2,700 crore. The company is depending on selling its stake in the wind business completely, that may gain it another Rs 500-600 crore over the coming months.
| Company Name | CMP |
|---|---|
| Lodha Developers | 871.70 |
| Dilip Buildcon | 457.55 |
| DLF | 601.80 |
| Oberoi Realty | 1710.00 |
| Ahluwalia Contract(I | 832.90 |
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