KP Singh to make DLF debt-free
The Singh family plans to sell 40% stake in DLF Cyber City Developers Ltd.(DCCDL) for Rs. 12,000-13,000 crore
Billionaire KP Singh and his family is planning to infuse Rs. 10,000 crore into DLF by purchasing shares in a preferential issue with funds raised from the sale of their stake in the company's rental unit, according to reports.
KP Singh is also planning to wipe out DLF' debt.
Report says that the Singh family plans to sell 40% stake in DLF Cyber City Developers Ltd.(DCCDL) for Rs. 12,000-13,000 crore and will use the money to retire the parent company's debt.
DLF Ltd ended at Rs. 133.5, down by Rs. 1.1 or 0.82% from its previous closing of Rs. 134.6 on the BSE.
The scrip opened at Rs. 134 and touched a high and low of Rs. 136.1 and Rs. 132.55 respectively. A total of 6398603(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 23813.08 crore.
The BSE group 'A' stock of face value Rs. 2 touched a 52 week high of Rs. 142.9 on 09-Oct-2015 and a 52 week low of Rs. 72.5 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs. 141.2 and Rs. 126.7 respectively.
The promoters holding in the company stood at 74.96 % while Institutions and Non-Institutions held 18.07 % and 6.96 % respectively.
The stock traded above its 50 DMA.