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DLF share sale of up to $345 mln fully covered

Source : REUTERS
Last Updated: Tue, May 14, 2013 12:00 hrs
A man rides pass an advertisement of Indian property developer DLF Ltd. in Gurgaon

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 04:30 p.m. (1100 GMT), 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.

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