DLF prices $345 million share issue at 230 rupees each

Source : REUTERS
Last Updated: Thu, May 16, 2013 03:12 hrs
A man rides pass an advertisement of Indian property developer DLF Ltd. in Gurgaon

DLF Ltd, India's biggest real estate company by market value, has priced its $345 million share issue at 230 rupees each, it said in a statement late on Wednesday.

The company had launched the issue on Tuesday and set a price band of 222 rupees to 233 rupees. The offer was fully covered on the day of the launch.

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, valued by the market at $7.5 billion, closed at 241.75 rupees on Wednesday in strong Mumbai market.

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