MUMBAI (Reuters) - A $345 million share sale in India's biggest real estate company by market value, DLF Ltd, was fully covered on Tuesday, provisional data from the Bombay Stock Exchange showed.
By 4:30 p.m., the single-day sale to institutional investors had received bids for 87.14 million shares. DLF had set a price band of 222 rupees to 233 rupees each for the offer.
DLF, 78.58 percent owned by its founders, is selling shares to meet the market regulator's requirement of having at least 25 percent public shareholding, which is mandatory for Indian listed companies.
Shares in DLF, which is valued by the market at $7.2 billion, closed on Tuesday at 230.25 rupees, down 0.8 percent from the previous close.
(Reporting by Aditi Shah; Editing by Anupama Dwivedi)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app