Realty major DLF is looking to sell nearly 8.1 crore shares or 4.7 percent stake via institutional placement programme (IPP) route to meet Sebi's June 2013 deadline of minimum 25 percent float. CNBC-TV18's Nayantara reports.
DLF promoters currently hold about 78.58 percent stake in the listed entity. The promoters will not be selling any of their shares. It will be a fresh equity sale via IPP route. If you go by the current market price, it sums up to an issue of nearly Rs 2,000 crore.
DLF wants to launch this IPP perhaps in the month of April of the new fiscal. However, it is looking to complete a few milestones. For that, it wants to de-leverage.
It recently completed its deal with Lodha Developers for about Rs 2800 crore. The market is now looking forward to the sale of DLF’s wind power business, which is worth about Rs 1000 crore and also the Aman Resort sale. This will be a non core asset sale of Rs 3,000 crore.
After that DLF is looking at some big bang launches. CNBC-TV18 had reported last week that DLF is going to launch projects worth Rs 13,000 crore; three of them in Gurgoan. The big ticket one is the Magnolia II where each apartment being priced at nearly Rs 15 crore. It is the most expensive launch in Gurgoan.
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