DLF shares surge nearly 10% intraday as KP Singh plans to infuse Rs 10,000 crore

By: | Updated: June 29, 2016 4:45 PM

DLF shares rallied as much as 9.73 per cent in the morning trade on Wednesday after media reports that promoter KP Singh and his family will infuse Rs 10,000 crore in an effort to make the real estate company debt free.

DLF shares kp singhDLF shares rallied as much as 9.73 per cent in the morning trade on Wednesday after media reports that promoter KP Singh and his family will infuse Rs 10,000 crore in an effort to make the real estate company debt free.

DLF shares rallied as much as 9.73 per cent in the morning trade on Wednesday after media reports that promoter KP Singh and his family will infuse Rs 10,000 crore in an effort to make the real estate company debt free.

At 11.11 am, shares of DLF were trading 8.76 per cent up at Rs 145.20. The scrip opened at Rs 139.10 and has touched a high and low of Rs 146.50 and Rs 139.10, respectively, in trade so far.

Later, the scrip closed 7.83 per cent up at Rs 143.95.

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The exchange has also sought clarification from DLF Ltd with reference to the news appeared in a business daily, “Promoters to use proceeds from DCCDL stake sale; DLF will raise about Rs 3,000 cr to ensure 75% cap for Singh & family”

The Singh and family will purchase shares in a preferential issue with funds raised from the sale of their stake in the company’s rental unit DLF Cyber City Developers (DCCDL).

For the quarter ended March 31, 2016, DLF reported a consolidated net profit of Rs 132.39 crore, down 22.86 per cent, against Rs 171.62 crore in the corresponding quarter a year ago.

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