New Delhi : Realty major DLF said it will issue fresh equity shares to dilute promoter group holding in the company to meet Sebi norms of 25% minimum public shareholding. Promoters currently hold 78.58 % stake in the firm and offer of fresh shares would help them in reducing their stake to below 75 %.
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 on Wednesday, approved offer of shares via Institutional Placement Programme (IPP) or other routes.
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 rose by nearly 4% to Rs 269.55 on the BSE.
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 real estate business and cut its huge debt. — PTI