DLF fixes IP price at Rs 230

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NEW DELHI: India’s largest real estate firm DLF has priced its institutional placement at Rs 230, the company told the Bombay Stock Exchange on Wednesday.

DLF offered 8.1 crore equity shares to institutional investors in the IPP that closed on Tuesday. The issue that will help DLF raise Rs 1,863 crore was oversubscribed by 1.3 times. DLF received 10,63,49,558 bids from qualified institutional buyers for the issue of shares, which it had to undertake to meet market regulator SEBI’s guideline on minimum 25% public shareholding by June 30 for private listed entities.

DLF had said that it will use the money raised to reduce its debt and also utilise it for working capital requirements. This is the third major fund raising effort by DLF. The company had raised close to Rs 10,000 crore in its IPO in 2007 and later in 2009 promoters sold 9.9% stake to raise over Rs 3,800 crore. Shares of the company on BSE closed at Rs 241.65 on Wednesday, up 4.93%.

http://economictimes.indiatimes.com/markets/real-estate/news/dlf-fixes-ip-price-at-rs-230/articleshow/20078719.cms

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