DLF promoters to sell 10 percent stake in companyMay 13th, 2009 - 12:33 pm ICT by IANS
Mumbai, May 13 (IANS) Realty major DLF announced Wednesday its promoters would sell close to 168 million shares or about 10 percent of their stake in the company to infuse capital in its subsidiary DLF Assets Ltd (DAL).
The company which would hope to raise about Rs.39.7 billion as per the scrip’s Tuesday’s closing price of Rs.236.25 at the Bombay Stock Exchange also said that the money would be used to buy out D.E Shaw’s stake in DAL. This was disclosed to the stock exchanges in a regulatory filing.
The deal is supposed to be completed in bulk transactions Wednesday.
The DLF scrip was up 5.29 percent after the news and was trading at Rs.248.75 at around 10.30 a.m.