Buy DLF; target of Rs 266: Axis Direct
Axis Direct is bullish on DLF has recommended buy rating on the stock with a target price of Rs 266 in its research report dated December 11, 2017.
January 08, 2018 / 01:46 PM IST
Axis Direct's research report on DLF
DLF’s board has approved fund infusion of ~Rs 150 bn in the company, higher than our expectation of Rs 100-120 bn via preferential issue (Rs 112.5 bn) to promoters and issue of ~Rs 37.5 bn (estimated based on CMP) to public investors. Promoters are infusing cash via allotment of CCDs (coupon of 0.01% p.a.) and warrants with an exercise price of Rs 217.25/ share.
We believe this will allay cash flow pressure on its residential business and could advance its plans for newer launches. BUY.
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