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DLF share price rises 8 percent on QIP launch to raise over Rs 3,000 crore

BusinessToday.In     March 26, 2019

Shares of DLF rose as much as 8.24 per cent in the early trading session on Tuesday after the realty major launched its QIP offer to raise over Rs 3,000 crore by selling 17.3 crore equity shares to qualified institutional investors. The proceeds from the QIP will be used to cut debt. DLF's current debt stood at Rs 7,224 crore till December 2018.

DLF stock price rose 6.86 per cent intraday to Rs. 202, which further increased to Rs 204.60, almost 8 per cent above the previous close of Rs. 189.40 on BSE.

At 11:30 am, the share made a new high at Rs 205, a 8.24 per cent jump on BSE and a 7.8 per cent rise to Rs. 205.35 on NSE.

At 11:45 am, the stock was trading at Rs. 203.20 on BSE and Rs. 203.95 on NSE respectively.  

According to a regulatory filing, DLF launched its QIP of equity shares of face value of Rs. 2 each on March 25 at a floor price of Rs 193.01 per equity share.

The statement read, "The Company may, in accordance with the special resolution dated January 19, 2019, of the shareholders, at its discretion, offer a discount of up to 5% on the floor price in the QIP."

It added, "We further wish to inform you that a meeting of Securities Issuance Committee of the Board of Directors is scheduled to be held on 28th March 2019, inter alia, to consider and determine the Issue price of the Equity Shares to be issued in the QIP."

On NSE, the share opened 2.15 points up at Rs 191.40 against the previous close of Rs. 189.25. Today's high is 9.20 per cent below the 52 -week high of Rs. 226.15 last quoted on April 21, 2018.

With a trend reversal, the stock has gained after 2 days of consecutive fall and outperformed the sector by 4.44 per cent today.

Following more volume traded around the high price, today's volume is also above the 5,10 and 30-day average with 12 lakh shares and 171 lakh shares traded on BSE and NSE respectively.

Although the price movement of DLF shares has fallen 3 per cent in one year, it has delivered returns of around 15 per cent in 6 months and over 21 per cent in a week.

DLF shares already trade above the 30,50,150 and 200-day averages on both the trading platforms.

(Edited by Rupa Burman Roy)

Also Read: Market Live: Sensex rises 125 points, Nifty at 11,392; DLF share price rises over 6% on QIP offer

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