DLF to seek shareholder nod to raise Rs 10k cr
DLF, the countrys largest property developer, plans to seek shareholder approval to raise as much as Rs 10,000 crore from institutional investors over the next 12 months, the company said in a notice to shareholders.
The company will place a special resolution for a qualified institutional placement (QIP) before shareholders at its annual general meeting (AGM) on September 30, the company said. DLF may sell shares to investors within 12 months of getting the approval.
It is purely an enabling resolution. We will seek shareholder approval for the share sale and raise the money as and when required, said a DLF spokesman.
Incidentally, Unitech, the countrys second largest property developer, has put on hold its plans to raise nearly Rs 6,000 crore from a qualified institutional placement (QIP) due to adverse market conditions.
More : business-standard.com