DLF rallies 8% on launch of QIP to raise over Rs 3,000 crore

dlf

DLF shares gained nearly 8 percent in the morning trade on March 26 after the company launched its QIP to raise over Rs 3,000 crore.

The stock was quoting at Rs 203.50, up Rs 14.10, or 7.44 percent on the BSE, at 1034 hours IST.

The realty major, on March 25, launched its QIP offer to raise over Rs 3,000 crore by selling 17.3 crore equity shares to qualified institutional investors.

With an aim to become a debt-free company, DLF had last year announced plans to issue up to 17.3 crore shares through qualified institutional placement (QIP) to raise funds and pre-pay loans.

According to a regulatory filing, DLF launched its QIP on March 25 at a floor price of Rs 193.01 per equity share.

The company said that at its discretion it may offer a discount of up to 5 percent on the floor price in the QIP.
This is the third major fundraising from DLF. In 2007, DLF raised close to Rs 9,200 crore through initial public offer (IPO). In 2013, the company had raised nearly Rs 1,900 crore through the institutional placement programme.

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