Realty major DLF on Monday launched its QIP offer to raise over Rs 3,000 crore by selling 17.3 crore equity shares to qualified institutional investors.

With an aim to become a debt-free company, DLF had last year announced plans to issue up to 17.3 crore shares through qualified institutional placement (QIP) to raise funds and pre-pay loans. According to a regulatory filing, DLF has launched its QIP on Monday and the floor price has been fixed at Rs 193.01 per equity share.

The company said that at its discretion it may offer a discount of up to 5 per cent on the floor price in the QIP. DLF’s shares closed at Rs 189.40 on the BSE, down 3.49 per cent. This is the third major fund raising from DLF. In 2007, DLF raised close to Rs 9,200 crore through initial public offer (IPO). In 2013, the company had raised nearly Rs 1,900 crore through institutional placement programme.

The DLF’s QIP comes close in the heels of successful launch of India’s first Real Estate Investment Trust (REIT), launched by Blackstone and Embassy to raise Rs 4,750 crore. DLF’s group CFO Ashok Tyagi had recently said that the QIP proceeds and further infusion of Rs 2,500 crore from promoters against the issue of warrants would help the company in significantly reducing the debt that stood at around Rs 7,200 crore as on December 31, 2018.

DLF promoters K P Singh and family have already infused Rs 9,000 crore in the company and would pump in Rs 2,250 crore more.

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