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New Delhi, Oct. 14 India’s largest real estate company, DLF Ltd, said on Tuesday that its proposed buyback of equity, which was earlier slated to open on October 15, has been re-scheduled for October 17.

“The company and the managers to the offer are in the process of complying with observations issued vide letter dated October 13, 2008, by the Securities and Exchange Board of India on the public announcement dated September 30, 2008. Hence, the offer opening date will be re-scheduled,” the company said in a notice to the BSE earlier in the day.

DLF had announced its plans to buy back the shares at a maximum of Rs 600 each in July this year.

The Delhi-based realty firm – headed by Mr K.P. Singh – plans to allocate up to Rs 1,100 crore to buy back a maximum of 22 million shares and a minimum of 5.5 million shares from existing shareholders.

In July this year, DLF board had approved the buyback of its equity shares listed on the BSE and NSE, through the pen market purchases through stock exchanges route, subject to SEBI nod.

DLF had debuted on the BSE in July last year at Rs 582 a share, almost 11 per cent higher than the issue price of Rs 525 a share.

However, the stock value has vaulted since the start of 2008, first touching a high of Rs 1,225 on January 15 and a low of Rs 279 on October 8, 2008.

DLF shares ended at Rs 310.60 on the BSE on Tuesday, nearly 3.07 per cent higher than the previous close of Rs 301.35.

The company, while announcing the buyback, had termed the offer as a “highly attractive opportunity for shareholders”.

“This decision would be value accretive for the shareholders. While we respect the market, we believe that our current share prices do not reflect the intrinsic strength and future growth potential of DLF,” the real estate company had said.

More Stories on : Buyback | Real Estate & Construction

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