DLF founders to sell 10% of equity

DLF founders to sell 10% of equity
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First Published: Wed, May 13 2009. 09 22 AM IST
Updated: Wed, May 13 2009. 09 22 AM IST
New Delhi: The founders of DLF Ltd plan to sell 168 million shares, or nearly 10% of the firm’s equity, the company said today.
At Tuesday’s closing price of Rs236.25 a share, the sale would help the founders raise Rs39.7 billion ($805 million), but the Business Standard newspaper, citing unnamed sources said the issue was expected to close at about Rs228 per share.
According to newspaper reports, the transaction was to be concluded through bulk deals on the stock exchange today.
DLF said in a statement to the stock exchange that the funds raised through the share sale would be used to infuse capital in its property trust DLF Assets Ltd (DAL) and also to purchase private equity D.E. Shaw’s stake in DAL.
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First Published: Wed, May 13 2009. 09 22 AM IST