DLF gains on strong response for institutional placement programme

Meanwhile, the S&P BSE Sensex was up 119.73 points or 0.61% at 19,842.02.

On BSE, 19,000 shares were traded in the counter as against average daily volume of 8.06 lakh shares in the past two weeks.

The stock hit a high of Rs 234.70 and a low of Rs 233.50 so far during the day.

Investors bid for a total quantity of 14.81 crore DLF shares under the institutional placement programme (IPP) through the stock exchanges mechanism held during a single day on Tuesday, 14 May 2013. The company will issue up to 8.1 crore shares to eligible qualified institutional buyers. The floor price for the qualified institutional placement was set at Rs 222 per equity share, with price band of Rs 222 to Rs 233 per share.

As on 31 March 2013, promoters held 78.58% stake in DLF. As per the norms stipulated by the market regulator Securities and Exchange Board of India (Sebi), privately promoted companies need to adhere to minimum public shareholding of 25% by 30 June 2013.

DLF's consolidated net profit rose 10.2% to Rs 284.80 crore on 35.6% decline in net sales to Rs 1310.04 crore in Q3 December 2012 over Q3 December 2011.

DLF's primary business is development of residential, commercial and retail properties.

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