In an effort to dilute the promoter's shares held by a holdings group, realty giant DLF announced today the issuance of new equity shares to comply with new SEBI norms of 25% minimum public shareholding. Currently, 78.58% of its outstanding shares are held by promoters and the issuances would bring down that ratio.
According to individuals familiar with the issue, DLF would be issuing over 8crore shares worth Rs2,100 crore in current market values. The details have been filed with the BSE through a board of directors resolution allowing the offer of shares through the Institutional Placement Programme or other means.
Also in the resolution, the board creates an 'Equity Issuance Committee' to undertake the necessary steps to comply with the new shareholding requirements.
Shares of DLF climbed four percent to Rs269.55 a share at closing at BSE. The market cap under the current shareholding scheme was at Rs45,787 crore.
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