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| DLF rallies on mega fund raising plan |
| BS Reporter / Mumbai Jul 15, 2009, 16:30 IST |
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The scrip zoomed to a high of Rs 324 and finally settled at Rs 322, up 7%. The counter witnessed heavy trades of 4.83 million shares on the BSE as against the two-week daily average traded volume of 5.01 million shares.
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(Updated at 1321 hrs)
DLF has rallied 5.5% on it decision to raise Rs 1,900 crore.
The stock today opened at Rs 305, slipped to a low of Rs 303 and zoomed to a high of Rs 319.The scrip is now trading at Rs 317, up 5.5%. Around 2.76 million shares have been traded on the BSE so far.
DLF plans to raise Rs 1,900 crore through the sale of hotel plots and its wind power business by the fiscal-end. DLF has 40 hotel plots, of which 21 have been put on the block for sale to raise money. The company plans to raise Rs 5,500 crore by the end of this fiscal through the sale of non-core businesses, including land parcels.
The company had accumulated a total debt of over Rs 14,000 crore by March 31 and it is repaying Rs 600-1,000 crore every month, to reduce the debt to half by the fiscal-end.
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