DLF looking to raise Rs 10,000 cr via asset sale
NEW DELHI: DLF, India’s largest real estate company, is looking to raise Rs 10,000 crore in the next 2-3 years through sale of its treasury investments, land parcels and real estate projects, said its vice-chairman Rajiv Singh.
Mr Singh’s family, promoters of the cash-strapped DLF, had sold a 9.9% stake in the company on Wednesday for Rs 3,860 crore in open market transactions.
ET NOW had first reported on Wednesday that DLF promoters were selling stake. Capital Group picked up close to 5% in DLF, while HSBC, GIC and Fidelity bought smaller stakes. The transactions were done at Rs 230 per share. DLF shares closed marginally lower at Rs 234 on NSE on Wednesday.
On the timing of the stake sale, Mr Singh said: “If it was the best or the worst, one would know only in hindsight, but it was surely the right solution in the current circumstances.” DLF had mopped up Rs 9,000 crore in an IPO less than two years ago. The company’s scrip had peaked in January 2008, crossing Rs 1,200, but declined to a low of Rs 124 earlier this year.
Related posts:
- Food subsidy may devour record Rs 50,000 crore this fiscal The food subsidy is likely to touch a record Rs...
- ‘Slumdog’ kid not on sale? Slumdog Millionaire child actress Rubina Ali’s father has, reportedly, decided...
- Tata to raise £1bn to keep Jaguar Land Rover afloat LONDON: Tata group-owned Jaguar Land Rover (JLR) is planning to...
- 65,000 H-1B visa cap still not exhausted NEW DELHI: The demand for H-1B visas to work in...
- Murthys pledge wealth for social welfare projects BANGALORE: Taking a leaf out of investment moghul Warren Buffett’s...
- Profit taking drags sensex 337 pts MUMBAI: BSE sensex’s eight-session winning streak came to a sudden...
- Sensex down 336 points; RCom shines Reliance Communications, which announced its plan for a 26-per cent...
- AIG close to selling Japanese headquarters NEW YORK: American International Group Inc is close to selling...
- UTI AMC eyes 26% divestment UTI Asset Management Company (UTI AMC), Indias oldest mutual fund,...
- Domestic MFs seek clarity on bad assets MUMBAI: Officials from select domestic mutual funds are believed to...
- Tech Mahindra acquires Satyam outbidding L&T Tech Mahindra becomes No. 4 MUMBAI: The beleaguered Satyam Computer...
- CLB approves Tech Mahindra’s bid for Satyam Company Law Board (CLB) on Thursday approved the takeover of...
- Nifty above 3400; Unitech up on raising funds MUMBAI: Markets opened higher Friday in line with other global...
- Gujarat NRE Coke plans DVS rights issue at 1:450 Differential voting shares (DVSes) are emerging as a legal and...
- Retail investors take MF route to join mid-cap rally MUMBAI: Having burnt their fingers in small- and mid-cap shares...
(No Ratings Yet)
Loading ...
i hope their share price may increase
India’s largest real estate company