With the aim to become the debt-free company, India’s largest commercial real estate developer DLF on Monday said that “the company is planning to raise Rs 3,000 crore through QIP.”
The company in its regulatory filing at BSE said that “the company is planning to issue a share worth of 17 crores through qualified institutional placement QIP at the floor price of Rs 193.01 per equity share,” and may also offer a discount of up to 5 percent on the floor price in the QIP.
Ashok Tyagi, CFO at DLF group, said that “The QIP is proceeds and the company promoters with infusion Rs 2,500 crore in the company against the issue of warrants, which will help in cutting down the dept of the company which stood of Rs 7,200 crores as on December 31, 2008.”
“Till to date, K P Singh and family, the promoters of the company have infused Rs 9,000 crore in the company and would invest Rs 2,250 crore more in the company,” it Said.
According to the reports, “the company has made a preferential allotment of compulsorily convertible debentures (CCDs) and the issue of warrants to the promoters against the infusion of the funds.”
“The infusion of more funds by the company promoters will increase the shareholding limit of 75 percents in the company, and with the plan to launch of QIP and maintain minimum public shareholding of 25 percent in the listed company.”