Real estate major DLF Ltd’s institutional placement issue has been subscribed by 1.8 times.
The company, which had put up 8.1 crore shares on offer at a price band of Rs 222-233, is likely to meet its target of Rs 1,888 crore.
The company will finalise the final pricing for allotment of shares later.
The issue of shares through institutional placement is being done to meet market regulator SEBI’s guideline on minimum 25 per cent public shareholding by June 30 for private sector listed companies. As of March 31, promoters held 78.58 per cent stake in the company.
On March 4, the company’s shareholders had approved stake-sale by promoters though an institutional placement programme in order to meet the minimum public shareholding norm.
On Tuesday, the DLF scrip closed 0.73 per cent lower at Rs 230.30 on the BSE.