DLF share price gained as much as 8.8 per cent on Thursday after its promoters bought 23 lakh shares of the company through open market transactions for nearly Rs 25 crore, raising their stakes to 74.99 per cent. These shares were purchased between November 23-24 from open market.
At 12.39 pm, the share price of DLF was up 7.94 per cent at Rs 115.50. The scrip opened at Rs 108.80 and had touched a high and low of Rs 116.45 and Rs 108.50, respectively, in trade so far. Sensex was up 162.22 points at 25,937.96.
Later, the scrip closed 6.03 per cent up at Rs 113.45. Sensex closed 0.71 per cent up at 25,958.
After this transactions, the stake of promoters, KP Singh and family, has increased to 74.99 per cent from 74.86 per cent it held earlier in the firm.
As per the minimum public shareholding norm of market regulator SEBI, promoters cannot hold more than 75 per cent shares in the company.
Meanwhile, DLF’s promoters are looking to sell their 40 per cent stake in the company’s rental arm DLF Cyber City Developers Ltd (DCCDL) by the end of this fiscal.
In the past one year, the share price of DLF slid 27.26 per cent to Rs 107 on November 24. The scrip was trading at Rs 147.10 on the same day a year ago. Sensex fell 9.56 per cent during the same period.
(With inputs from PTI)