NEW DELHI: Real estate major DLF on Monday launched a qualified institutional placement (QIP) offer aimed at raising over Rs 3,000 crore by selling 17.3 crore equity shares to qualified institutional investors.
Seeting its eyes on the goal of becoming debt-free, DLF had announced plans to issue up to 17.3 crore shares through QIPs to raise funds and pre-pay loans last year. On Monday, the company said in a regulatory filing that it has launched its QIP and that the floor price has been fixed at Rs 193.01 per equity share.
It added 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 will be the third major fund raising from DLF. In 2007, it had raised close to Rs 9,200 crore through an initial public offer (IPO), and in 2013, it had raised nearly Rs 1,900 crore through institutional placement programme.
The company’s QIP also comes close on the heels of successful launch of India’s first Real Estate Investment Trust (REIT) by Blackstone and Embassy with a goal of raising Rs 4,750 crore.
DLF officials have stated recently that it QIP proceeds and further infusion of Rs 2,500 crore from promoters would help the company significantly reduce its total debt that stood at around Rs 7,200 crore as on December 31, 2018.