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DLF Share Sale Of Up To $345 Million Fully Covered

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A $345 million share sale in India's biggest real estate company by market value, DLF Ltd, was fully covered on 14 May' 2013, 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 per cent owned by its founders, is selling shares to meet the market regulator's requirement of having at least 25 per cent 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 per cent from the previous close.

(Reuters)


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