DLF to seek shareholders' nod over fresh equity on Apr 4
New Delhi: Realty major DLF Thursday said an extra-ordinary general meeting will be held on April 4 to take shareholders' approval for sale of fresh equity shares so as to meet market regulator Sebi's norms of 25 percent minimum public shareholding in a listed company.
In a filing to the BSE, DLF also said Sebi has permitted the company to sell equity shares to institutional investors by disclosing limited reviewed standalone as well as consolidated financial statements for period ended December 31, 2012.
Yesterday, the board had approved offer of equity shares via Institutional Placement Programme (IPP) or other routes.
In a notice to the EGM, DLF has sought shareholders nod for a special resolution to offer equity shares through approved instruments.
DLF also sought shareholders approval for re-appointment of T C Goyal as Managing Director from March 1, 2013 to March 31, 2015 and Pia Singh as Whole-time Director of the company for a period of five years with effect from February 18, 2013.
As per the notice, basic salary of Pia Singh, daughter of company's chairman K P Singh, has been proposed at Rs 7,81,075 per month. Other benefits, perquisites and allowance includes 70 percent of basic salary per month as House Rent Allowance (HRA) and a personal allowance of Rs 2.5 lakh per month.
In 2011-12 fiscal, Pia Singh received nearly Rs 3.3 crore as remuneration including Rs 1 crore as commission.
Meanwhile, sources said that DLF is likely to offer over 8 crore fresh equity shares, worth Rs 2,200 crore at current market price, for dilution of promoters stake to below 75 percent from the current 78.58 percent.
As per Sebi norms, private sector firms should have a minimum 25 percent public shareholding by June this year.
The funds raised would be used to trim debt that stood at Rs 21,350 crore at the end of December 2012.
DLF scrip settled at Rs 279.35 on BSE, up 3.64 percent from previous closing. The company's market cap stood at Rs 47,452 crore.