DLF Seek Nod To Raise One Hundred Billion Rupees In Shares

DLF Ltd, India’s biggest listed property developer, has sought shareholders consent to raise up to one hundred billion rupees by selling shares to institutional investors.

The New Delhi-based company said in its yearly report for a shareholders meeting on Sept. 30 it estimated to complete the share sale within 1 year of getting shareholder consent.

“This is just an enabling resolution so that we can raise the money when we require,” a DLF spokesman said.

DLF had raised $2.25 billion in its initial share sale previous year. In July, the company said it would spend up to eleven billion rupees to buy back up to 22 million shares following a stock market slide.

The stock has fallen nearly 55% this year, compared with about 29 % drop in the main BSE index.

Insecurity in world equity markets has enforced the company to shelve a planned $1.5 billion initial public offer for its property trust in Singapore.

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