Chennai: DLF, the country’s largest real estate firm in market value, launched its qualified institutional placement (QIP) offering up to 17.3 crore shares to investors.
The realty major’s QIP issue has been oversubscribed by two times at a price of around Rs 183-184 apiece, enabling the company to raise around Rs 3,200 crore.
Major institutional investors who have participated in QIP offer are Oppenheimer, UBS, HSBC, Marshall & Wace, Myriad, Key Square, Goldman Sachs, Indus, Eastbridge, Tata Mutual Fund and HDFC Mutual Fund, state reports. The QIP issue will close on Friday with allotment of shares to institutional investors.
With an aim to become a debt-free company, DLF had last year announced plans to issue shares through QIP to raise funds and pre-pay loans. DLF launched its QIP on Monday at a floor price of Rs 193.01 per equity share but said it might offer a discount of up to five per cent on the floor price.
This is the third major fundraising from DLF. In 2007, DLF raised about Rs 9,200 crore through an initial public offering (IPO).