DLF Seek Nod To Raise One Hundred Billion Rupees In Shares

DLF Ltd, recognized as India's largest publicly listed property developer, is actively seeking consent from its shareholders to raise up to one hundred billion rupees through the sale of shares to institutional investors.
The company, headquartered in New Delhi, has outlined its intentions in the annual report for a shareholders meeting scheduled on September 30. It anticipates concluding the share sale within one year after obtaining the necessary shareholder approval.
"This is just an enabling resolution so that we can raise the money when we require," stated a spokesman from DLF.
Last year, DLF successfully raised $2.25 billion during its initial share sale. In July of this year, the firm announced plans to allocate up to eleven billion rupees for a buyback of 22 million shares in response to a downturn in the stock market.
Currently, DLF's stock has experienced a significant decline of nearly 55% throughout the year, in contrast to a roughly 29% decrease observed in the overall BSE index.
The instability within global equity markets has compelled the company to postpone its proposed $1.5 billion initial public offering for its property trust in Singapore.