DLF board to consider share buy-back

July 2nd, 2008 - 6:08 pm ICT by IANS  

New Delhi, July 2 (IANS) Indian realty major DLF Ltd is considering buying back its equity shares. “The company will hold a meeting on July 10 to consider and approve the proposal for buy-back of equity shares of the company”, it announced in a regulatory statement Wednesday.

DLF shares have rallied by over 16 percent to Rs.429 after the announcement.

The scrip touched an intra-day high of Rs.439 and a low of Rs.350 and has recorded volumes of over 77,00,000 shares on the National Stock Exchange (NSE).

It had hit a 52-week high of Rs.1,225 January 15.

DLF shares fell below their issue price early last month amid a broad-based sell off in the market.

Real estate stocks have been the worst performers this year amid worries that rising interest rates and high property prices will hit housing demand.

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