DLF slips after setting price band for share sale

The announcement was made after market hours on Saturday, 11 May 2013, when the stock exchanges held a special trading session for a short duration as the BSE was testing its disaster recovery software.

Meanwhile, the S&P BSE Sensex was down 84.32 points or 0.42% at 20,038.

On BSE, 47,229 shares were traded in the counter as against average daily volume of 11.46 lakh shares in the past one quarter.

The stock hit a high of Rs 235.95 and a low of Rs 233.20 so far during the day. The stock had hit a 52-week high of Rs 289.20 on 12 March 2013. The stock had hit a 52-week low of Rs 169.55 on 4 June 2012.

The stock had underperformed the market over the past one month till 11 May 2013, sliding 4.07% compared with the Sensex's 8.52% rise. The scrip also underperformed the market in past one quarter, declining 12.8% as against Sensex's 3.4% gain.

India's largest real estate developer by market capitalisation has equity capital of Rs 339.74 crore. Face value per share is Rs 2.

DLF on Saturday, 11 May 2013, said that the equity issuance committee of the board of directors of the company in its meeting held on 11 May 2013 has finalised tomorrow, 14 May 2013 as the issue opening and closing date for the proposed issue of up to 8.1 crore shares to eligible qualified institutional buyers. The floor price for the qualified institutional placement has been finalised 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 are expected to have public shareholding at 25% by 3 June 2013.

Shareholders of DLF had on 4 April 2013 approved allotting equity shares through institutional placement program.

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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