DLF board approves sale of shares to meet Sebi norm
Promoters currently hold 78.58 per cent stake in the firm and offer of fresh shares would help them in reducing their stake to below 75 per cent.
Sources said DLF is likely to offer over 8 crore shares, which will be worth Rs 2,100 crore at current market price.
In a filing to the BSE, DLF said the board of directors, in its meeting held today, approved offer of shares via Institutional Placement Programme (IPP) or other routes.
"...to achieve the minimum public shareholding, (board) approved offering of equity shares by way of Institutional Placement Programme (IPP) and/or any other method prescribed and approved by SEBI...," the filing said.
As per market regulator Sebi norms, private sector firms should have a minimum 25 per cent public shareholding by June this year.
The board approved convening of shareholders meet on April 4 to obtain their approval. It also formed an "Equity Issuance Committee" of the board to take necessary steps.
The funds raised would be used to trim debt that stood at Rs 21,350 crore at the end of December 2012.
Shares of DLF closed at Rs 269.55 a piece on the BSE, up nearly four per cent from the previous closing. The company's market cap stood at Rs 45,787 crore.
DLF has been selling its non-core businesses since the last couple of years to focus on core
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