DLF Ltd, India’s biggest listed property developer, has sought shareholders consent to raise up to one hundred billion rupees by selling shares to institutional investors.
The New Delhi-based company said in its yearly report for a shareholders meeting on Sept. 30 it estimated to complete the share sale within 1 year of getting shareholder consent.
“This is just an enabling resolution so that we can raise the money when we require,” a DLF spokesman said.
DLF had raised $2.25 billion in its initial share sale previous year. In July, the company said it would spend up to eleven billion rupees to buy back up to 22 million shares following a stock market slide.
The stock has fallen nearly 55% this year, compared with about 29 % drop in the main BSE index.
Insecurity in world equity markets has enforced the company to shelve a planned $1.5 billion initial public offer for its property trust in Singapore.
