DLF’s Rs 3,200-crore QIP subscribed over 2 times
The QIP issue will close on Friday with allotment of shares to institutional investors.
Mumbai: DLF's Rs 3,200 crore QIP issue has been subscribed over two times, at a price of around Rs 183-184 a share.
The country's largest real estate firm in market value had on Monday launched its qualified institutional placement offering up to 17.3 crore shares to investors.
Sources said investors like Oppenheimer, UBS, HSBC, Marshall & Wace, Myriad, Key Square, Goldman Sachs, Indus, Eastbridge, Tata Mutual Fund and HDFC Mutual Fund took part in the offer.
The QIP issue will close on Friday with allotment of shares to institutional investors. The QIP issue is part of effort by the company to become a debt-free as it plans to pre-pay loans using the proceeds from the issue.
This is the third major fundraising from DLF. In 2007, DLF raised about Rs 9,200 crore through an initial public offering (IPO). In 2013, the company had raised nearly Rs 1,900 crore through institutional placement. DLF's Group CFO Ashok Tyagi recently said the QIP proceeds and infusion of Rs 2,500 crore from promoters against warrants would help the firm significantly reduce its Rs 7,200-crore debt.