DLF shares gain nearly 4 pc on fundraising move

Shares of DLF rose by nearly 4 per cent Tuesday after the company launched its QIP offer to raise over Rs 3,000 crore by selling 17.3 crore equity shares to qualified institutional investors.

The stock gained 3.80 per cent to close at Rs 196.60 on the BSE. During the day, it jumped 8.23 per cent to Rs 205.

On the National Stock Exchange (NSE), shares went up by 3.77 per cent to close at Rs 196.40 apiece.

On the traded volume front, 22.65 lakh shares were traded on the BSE and over 2 crore shares on the NSE during the day.

With an aim to become a debt-free company, DLF had last year announced plans to issue up to 17.3 crore shares through qualified institutional placement (QIP) to raise funds and pre-pay loans.

According to a regulatory filing, DLF has launched its QIP on Monday and the floor price has been fixed at Rs 193.01 per equity share.

This is the third major fund raising from DLF. In 2007, DLF raised close to Rs 9,200 crore through initial public offering (IPO). In 2013, the company had raised nearly Rs 1,900 crore through institutional placement programme.