DLF shares gain over 4% on fund raising

Shares of DLF Friday gained over 4 per cent after the company said it has raised Rs 3,173 crore by selling shares to institutional investors through its QIP offer.

The stock rose by 3.94 per cent to close at Rs 201.60 on the BSE. During the day, it jumped 6.49 per cent to Rs 206.55.

At the NSE, shares went up by 4.32 per cent to close at Rs 202.45.

On the traded volume front, 13.28 lakh shares were traded on the BSE, while over one crore shares were traded on the NSE during the day.

DLF, the country's largest real estate firm in market value, would utilise this amount mainly to prepay debt, which stood at around Rs 7,000 crore at the end of December 2018.

The company had launched its qualified institutional placement (QIP) issue on Monday, offering up to 17.3 crore shares to investors. The issue closed Thursday.

In a regulatory filing, DLF informed Friday that the Securities Issuance Committee has approved the allotment of 17.3 crore equity shares to eligible qualified institutional buyers at an issue price of Rs 183.40 per share, aggregating to about Rs 3,172.82 crore.

Sources on Tuesday said that DLF's QIP issue has been oversubscribed by two times.