DLF's share sale oversubscribed 1.3 times
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DLF's share sale oversubscribed 1.3 times

Last Updated: Tuesday, May 14, 2013, 18:29
 
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DLF's share sale oversubscribed 1.3 times
New Delhi: Realty major DLF's offer for sale of 8.1 crore equity shares to institutional investors has been oversubscribed by 1.3 times, which will help it raise Rs 1,888 crore at the upper band.

DLF on Tuesday launched its IPP offering 8,10,18,417 equity shares at a price band of Rs 222-233 apiece. The company will finalise the final pricing for allotment of shares later.

As per data available on the NSE till 5 PM, DLF's issue has been over-subscribed by 1.3 times with the company receiving 10,63,49,558 bids from qualified institutional buyers.

The issue of shares via IPP is being done to meet market regulator SEBI's guideline on minimum 25 percent public shareholding by June 30 for private sector listed companies.

As on March 31, the promoters of the company have 78.58 percent stake.

According to the sources, US-based foreign fund Oppenheimer, which already has over 5 percent stake in DLF, has also placed bids to further buy shares through the IPP.

The bankers to the IPP issue are -- Standard Chartered Securities (India), Deutsche Equities India, DSP Merrill Lynch, J P Morgan India, CLSA India, HSBC Securities and Capital Markets (India), Kotak Mahindra Capital Company, UBS Securities India.

This is the third major fund raising exercise in the company. DLF had launched its Initial Public Offer (IPO) to raise over Rs 9,000 crore in 2007, while the promoters had sold 9.9 percent stake in 2009 to raise Rs 3,860 crore.

In the IPP document, DLF had said that it will use the net proceeds of the issue for reducing debt and working capital requirement among other purposes. The net debt stood at Rs 21,350 crore at the end of the 2012 calendar year.

Shares of the company today closed trading 0.73 percent down at Rs 230.30 apiece on BSE.

PTI


First Published: Tuesday, May 14, 2013, 18:29


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