By BS Reporter
Real estate company DLF will sell up to 81 million shares at a face value of Rs 2 under the institutional placement programme (IPP) in the next 10 days, it is learnt. The company has appointed eight bankers for the sale and plans to raise about Rs 2,000 crore through the route.
As per the red herring prospectus (RHP), DLF will issue up to 81,018,417 equity shares of face value of Rs 2 each through IPP for eligible qualified institutional buyers.
However, the company is yet to decide on the timing, according to people close to the development. DLF already has shareholders' approval for an IPP, but is studying market conditions before the announcement.
DLF's IPP will enable it to meet the guidelines set by the Securities & Exchange Board of India (Sebi), which mandated all private listed companies to have at least 25 per cent public shareholding by June this year. The promoters' holding in DLF is expected to come down from 78 per cent at present to 75 per cent after the IPP.